6,000 of tuition and $3,660 for room and board for Dante Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isadora. Determine the amount of the Shaws' American

Q: Determine whether the taxpayer in each of the following situations has real- ized income. Explain…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Ava and her husband, Leo, file a joint return and are in the 32% Federal income tax bracket (AGI is…

A: The Child and Dependent Care Tax Credit is a federal tax credit that assists working families with…

Q: Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur…

A: The investment represents the employment of funds to something from where the company would get some…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual to government. These…

Q: Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of…

A: Compute the Social security benefits taxable amount.   Lesser of the following amount is the taxable…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: Salary of Matt 70200 Salary of Meg 33200 Short term capital gain less short term capital loss…

Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $4,580 refund of…

A: A. In this situation L.A. and paula consider standard deduction only, because standard deduction…

Q: Elliot operates his clothing store as a single member LLC (which he reports as a sole…

A: QBI deduction applies to individuals including owners of a sole proprietorship, partnership, trusts,…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: tina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and…

A: Standard deduction refers to that section of the income of an entity that is not subject to tax and…

Q: Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with…

A: To qualify for child tax credit (CTC) child’s age must be below 17 years (e.g. 16 or younger).2019,…

Q: Tom and Anne Marie are married taxpayers who file a joint return.  Tom has a sole proprietorship…

A: In this question, it is given that, married filing the join return. Qualified Business Income (QBI)=…

Q: Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a…

A:

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…

A: Marginal tax rate: It is the rate at which assessee 's incremental dollar in taxable earnings is…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Simba and Zola are married but file separate returns. Simba received $22,000 of salary and $28,100…

A: State law in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: In the given case, Olga is married and files joint return with her Husband. Hence the phase out…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $6,740 refund of…

A: a. Because they did not itemize their deductions . L.A. and Paula received no benefit from the…

Q: Joe and Jane Keller are a married couple who file a joint income taxreturn, where the tax rates are…

A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of…

Q: Ben had $88,000 of income from wages and $4,350 of taxable interest. Ben also made contributions of…

A: Taxable income seems to be the part of an individual's personal or a firm's income which is used to…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last…

A: Tax Calculation According IRS (Internal Revenue Services) calculation and filling of taxes are…

Q: Jake is 27 and nicole 26 are married and filing  a joint  return jake was employed  full time during…

A: The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: Matthew and Julia are married and will file a joint tax return. Julia owns a hair salon which she…

A: QBI stands for Qualifies business Income which implies the total amount of all the qualified items…

Q: Declan and Olivia are married and will file a joint tax return. Olivia has a sole proprietorship…

A: a) Taxable income before QBI deduction = $389800 QBI deduction = 20% of taxable income…

Q: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Harry and Wilma are married and file a joint income tax returm. On their tax reftun, they report…

A: Given that : Harry and Wilma paid qualifying expense for child care $17,000 for 2 children. So as…

Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…

A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…

Q: Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: 14-year child can get a child tax credit i.e $3,000 And 18 year old can be claimed as dependent i.e…

Q: This year, Paula and Simon (married filing jointly) estimate that their tax liability will be…

A: Not all underpaying taxpayers face a penalty payment, which may be waived under several scenarios,…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

A: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $146,675; and have…

A: Eligible Student: To claim the American Opportunity credit, the student must be pursuing a degree or…

Q: Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their…

A: You have the option to file either as single individual Filers or as married couples. So marriage…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…

Q: married and have 2 children. Azza has a salary  of £  54000 pa and has paid £ 1800 (net) under the…

A: Child Benefit rate refers to the allowance paid by the separated parent (father) of the child to the…

Q: Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of…

A: 1. Calculation of Gross Income and adjusted Gross income   CALCULATION PARTICULAR AMOUNT…

Q: Alicia sold her personal residence to Rick for $300,000. Before the sale, Alicia paid the real…

A: Basis is not dependent on the person who paid taxes. It can be calculated by determining the…

Q: . Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of…

A: Social Security benefits are taxable according to the income of individuals or couples.  For married…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: The AMT is charged at two rates: 26% and 28%. For the year 2021, the AMT exemption level is $73,600…

Q: In 2021, Lisa and Fred, a married couple, had taxable income of $321,000. If they were to file…

A: Tax liability couple:-  Total income = $321,000 $19,900 ×10%                      = $1,990 $61,149 ×…