344 Exam 1 Winter 2024

Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $195,200

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15. For 2022, how much can Siena take as an educator expense deduction for the lab supplies she purchased for her students? a. $0  b. $250 c. $300 d. $600

Basic Scenario 8: Zoe Watson Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Zoe is single and 47 years old. • Zoe has two children. Yvonne, age 19, has a job and earned wages of $5,200. Joshua, age 26 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. Zoe paid all the cost of keeping up the home and more than half the support for her children. • Zoe received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. • She does not have enough expenses to itemize for the 2023 tax year. Zoe, Yvonne, and Joshua are U .S. citizens and have valid Social Security numbers. They…

For the following taxpayers, determine if they are required to file a tax return in 2023. Problem 8-80 Part a (Algo) a. Ricko, single taxpayer, with gross income of $15,800.

Check my work mode: This shows wh Return to question Arno and Bridgette are married and have combined W-2 income of $72,441. They received a refund of $418 when they filed their taxes. How much income-tax did their employers withhold during the year? Use the tax tables. Multiple Choice О $5,345, О $4,927. $4,509. The answer cannot be determined with the information provided. www ×

From: AhmedSent: Thursday, 17 September 2020, 11:23AMSubject: Lisa Eastwood – additional informationGood morning, Lisa has sent through the following information. Can you pull this togetherwith what you have examined already so we can have a tax estimate readyto go. B.1 Calculate Lisa’s Medicare Levy Surcharge. Show all workings. B.2 Calculate Lisa’s Net Tax Payable. Show all workings. Wages (Melbourne employment) - $125,000 net wages, PAYG withheldof $43,000 plus a bonus of $5,000 was paid. Wages (Darwin employment) - $25,000 net wages, PAYG withheld of$1,500 Interest income $1,000Allowable general deductions $3,300 Allowable specific deductions $1,000 Lisa is single with no private health insurance. Lisa has no reportable fringe benefits or reportable superannuationcontributions. Again, I need this by the end of Friday.Ahmed.Senior AccountantM&M Tax Accountants

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Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.

Q. 5 i need help with a-d

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1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%     B.    1%     C.    5%     D.    7% 2. The 2021 Social Security wage base is _____. Answer:   A.    $100,000     B.    $113,700     C.    $125,000     D.    $142,800 3.  What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer:   A.    $117,000     B.    $125,000     C.    $200,000     D.    $250,000

What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these

min.3 answer must be in proper farmat not use AI or i will five down vote

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I need help with part A, I got part B

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please answer questions number 4

Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…

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only typed answer  You and your spouse have earned salary and wages of $41,750. In addition, you have corporate bond interest income of $600 and savings account and certificate of deposit interest income of $800. Using only this information, what is your adjusted gross income for tax purposes?

Mini-Case D:1 Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry's gross salary in 2022: $96,000 • ignore non-refundable tax credits for this problem a) Using Table A, 2022 tax rates, calculate Gerry's taxes payable; Gerry's Taxes Payable b) Calculate Gerry's average tax rate and marginal tax rate. Tax calculation Average tax rate Marginal tax rate

Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000

B4. please answer 2 and 3 correctly. follow instructions carefully and show solution

Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. а. Ellie is 15 and claimed as a dependent by her parents. She has $1,325 in dividends income and $3,680 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $13,340. С. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her 2$ earned income is $270, and her interest income is $605. d. Frazier, age 40, is married but is filing a separate return. His wife itemizes her deductions.

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I need help on question 21

Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2

Subject: acounting

QUESTION 2 Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year. Find, 1. Total Assessable Income2. Total Taxable Income3. HELP repayment amount 4. Medicare Levy 5. Medicare Levy Surcharge 6. Total Tax Liability7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)

1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000 2,200 2,200 7,950 3,800 450 3,800 Local property taxes paid Mortgage Interest paid Charitbale contributions 4,000 5,100 2,900 480 a. What is the total taxes owed under each scenario? b. In each scenario, what is the effective tax rate based on Taxable income? In each scenario, what is the marginal tax rate? C.