What is the reason Ramon does not qualify for the earned income tax credit? a. His...
What is the reason Ramon does not qualify for the earned income tax credit? a. His income is too high. b. His self employment income is not considered earned income. c. His student loan interest was $3,600. d. He had no qualifying children and he was under age 25
Homework Answers
Option d
To qualify for earned income tax credit, a person needs to be at least 25 years of age and under 65 years. Also the claimant must be residing in US for at least half the year and noone should claim the person as a dependent or qualifying child on his/her return.
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What is the reason Ramon does not qualify for the earned income tax credit? a. His...
28. The only income Ramon needs to report on his Schedule C is his income from...
28. The only income Ramon needs to report on his Schedule C is his income from Form 1099 K. Payment Card and Third Party Network Transactions True False S et Seed Ouestionley Sweet 29 Ramon's mileage expense deduction at the standard mileage rate) for his business as a ride share driver (rounded to the nearest dollar) is $17.516. True False Back Next Skip First Skipped Question Next Skipped Question 30. What is the amount of Ramon's student loan interest deduction...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
Tax Review 1. Regarding the California Earned Income Tax Credit (CA EITC), earned income used to ...
Tax Review 1. Regarding the California Earned Income Tax Credit (CA EITC), earned income used to qualify for the credit includes all of the following except: A. Employee compensation subject to California withholding B. Passive Activity Income C. Wages reported on a W-2 Form D. Tips reported on a W-2 From 2. For 2017, the Nonrefundable Renter’s Credit is available for single filers with adjusted gross incomes of what amount or less? A. $37,000 B. $37,995 C. $40,078 D. $80,156...
can someone check this for me False 1. Pete and Shirley are filing a joint return....
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying...
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying children his wages are $18,900 and receives dividends invome of $900 what is the earned credit income using the EIC table ? 2019
Filing a return for a tax year for which the statute of limitations has expired. Amending...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
7. Gail can claim Tony on her tax return as a qualifying child for the earned...
7. Gail can claim Tony on her tax return as a qualifying child for the earned income credit. TRUE OR FALSE? NOTE: • Gail is single and earned $28,000 as a cashier, her only income. • Gail's son Tony is 17 years old and a full-time student in high school. •Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no...
EXHIBIT 8-10 2019 Earned Income Credit Table Qualifying Children (1) Maximum Earned Income Eligible for Credit...
EXHIBIT 8-10 2019 Earned Income Credit
Table
Qualifying Children
(1)
Maximum Earned Income Eligible for Credit
(2)
Credit %
(3)
Maximum Credit
(1) × (2)
(4)
Credit Phase- Out for AGI (or earned income if greater) Over This
Amount
(5)
Phase-Out Percentage
No Credit When AGI (or earned income if
greater) Equals or Exceeds This Amount (4) +
[(3)/(5)]
Married taxpayers filing joint
returns
0
$ 6,920
7.65%
$ 529
$14,450
7.65%
$21,370
1
10,370
34
3,526
24,820
15.98...
a. Arnie is a single college student who earned $7,700 working part-time. He had $200 of...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
28. The only income Ramon needs to report on his Schedule C is his income from Form 1099 K. Payment Card and Third Party Network Transactions True False S et Seed Ouestionley Sweet 29 Ramon's mileage expense deduction at the standard mileage rate) for his business as a ride share driver (rounded to the nearest dollar) is $17.516. True False Back Next Skip First Skipped Question Next Skipped Question 30. What is the amount of Ramon's student loan interest deduction...
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
EXHIBIT 8-10 2019 Earned Income Credit
Table
Qualifying Children
(1)
Maximum Earned Income Eligible for Credit
(2)
Credit %
(3)
Maximum Credit
(1) × (2)
(4)
Credit Phase- Out for AGI (or earned income if greater) Over This
Amount
(5)
Phase-Out Percentage
No Credit When AGI (or earned income if
greater) Equals or Exceeds This Amount (4) +
[(3)/(5)]
Married taxpayers filing joint
returns
0
$ 6,920
7.65%
$ 529
$14,450
7.65%
$21,370
1
10,370
34
3,526
24,820
15.98...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
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