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2. Lupe is married, with one dependent child. In 2019, she made $80,000 in wages. Her...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...
8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with...
8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $49660, no salary reductions for employer provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is married filing jointly or surviving spouse, the taxpayer's standard deduction for the 2017 tax year is $_______ Round to the nearest dollar! Thanks!
Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married,...
Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married, filing jointly Surviving spouse Head of household 24,400 24,800 18,350 18,650 Married, filing separately 12,200 12,400 Problem 3-36 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a full-time student during the entire year and Mary, age 18. Paul has $6,000 in taxable interest income and Mary has $5,000 in taxable dividend income. Peter and Susan provide over half of the support of both children, who live at home. Neither child is married. Which of the following statements is true? a. Paul qualifies as a dependent of the Dillons b. Mary qualifies...
Jim and Pat are married, file jointly, and have one dependent (12-year-old qualifying child). Jim receives...
Jim and Pat are married, file jointly, and have one dependent (12-year-old qualifying child). Jim receives a $92,000 salary. Pat is self-employed. Her sole proprietorship’s revenues are $98,000, and its expenses are $48,000. Jim and Pat each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $26,000. Federal income taxes of $7,000 are withheld from Jim’s paychecks, and Pat makes $3,000 of estimated tax payments. Determine the additional tax due or refund when Jim and Pat...
Larry and Emily are a married couple who file jointly. They have three dependent children who...
Larry and Emily are a married couple who file jointly. They have three dependent children who are full-time students in 2018 Larry and Emily provided $11,500 of support for each child. Information for each child is as follows: EB (Click the icon to view the information.) Read the requirement. Wages Interest income Adjusted gross income Minus 3,300 2,700 6,000 Standard deduction 3,650) 2,350 Taxable income Now compute the net unearned income for Olivia. Minus Net uneaned income y and Emily...
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000....
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000. Patnc a เร self-employed. Her gross business ncome was $96 000 and her business expenses totaled S53000 Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. ac contributed S5 00 to a deductible IRA (Click the icon to view the standard deduction and child credit amounts.) click the icon to view the 2018 tax rate schedule tor...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule.) a. Using the single individual tax brackets and the corporate tax rate, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations and final answer...
Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married, filing jointly Surviving spouse Head of household 24,400 24,800 18,350 18,650 Married, filing separately 12,200 12,400 Problem 3-36 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a full-time student during the entire year and Mary, age 18. Paul has $6,000 in taxable interest income and Mary has $5,000 in taxable dividend income. Peter and Susan provide over half of the support of both children, who live at home. Neither child is married. Which of the following statements is true? a. Paul qualifies as a dependent of the Dillons b. Mary qualifies...
Larry and Emily are a married couple who file jointly. They have three dependent children who are full-time students in 2018 Larry and Emily provided $11,500 of support for each child. Information for each child is as follows: EB (Click the icon to view the information.) Read the requirement. Wages Interest income Adjusted gross income Minus 3,300 2,700 6,000 Standard deduction 3,650) 2,350 Taxable income Now compute the net unearned income for Olivia. Minus Net uneaned income y and Emily...
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000. Patnc a เร self-employed. Her gross business ncome was $96 000 and her business expenses totaled S53000 Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. ac contributed S5 00 to a deductible IRA (Click the icon to view the standard deduction and child credit amounts.) click the icon to view the 2018 tax rate schedule tor...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule.) a. Using the single individual tax brackets and the corporate tax rate, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations and final answer...
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