Don and Cynthia are married, and they will file a joint federal income tax return for 2018. Their 21-year-old daughter, Matilda, is a full-time student at their state university. She is their only dependent. Don and Cynthia are most likely to benefit from which of the following?
The personal and dependent exemption.
A refundable family tax credit.
An adjustment for non-child dependents, reported on Schedule 1.
A nonrefundable credit for other dependents.
Don and Cynthia are married, and they will file a joint federal income tax return for...
Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6- year old daughter while they work. ABC Day Care Center $3,200 Blue Ridge Housekeeping Services 2,000 Mrs. Mason (Harry’s mother) ...
Santiago and Amy are married and file a joint tax return claiming their three children, ages 7, 14, and 22, as dependents. Their AGI is $128,000. Santiago and Amy's child tax credit for 2019 is $ ? and dependent tax credit is $. ?
15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $112,000. Santiago and Amy's child tax credit
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $123,000. Santiago and Amy's child tax credit is
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $135,000. Santiago and Amy's child tax credit is $
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $114,000. Santiago and Amy's child tax credit is $__?
Paolo and Isadora Shaw are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI of $148,000. The couple paid $10,485 of tuition and $16,860 for room and board for Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isidora. Determine the amount of the Shaws’ American Opportunity credit for the year.
James and Helen are married and file a joint tax return with AGI of $150,000. During 2018, they furnish more than half of the support of their 20-year-old son, Will and their 22-year-old son, Liam. Will earns $12,000 from a part-time job and Liam, who is a full-time college student, earns $5000 from a part-time job. James and Helen also provided more than half the support of Helen's cousin who lived with them for 9 months of the year. Determine...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $122,000. Santiago and Amy's child tax credit is $_______