A single taxpayer, age 67, with an AGI of $187,500 gets what amount of the Exemption credit? O $228 O $222 O $98 O $114

Q: An unmarried taxpayer with AGI of $120,000 in 2021 has a tax liability of $21,000. The taxpayer's…

A: The explanation about the prepaid tax during the Fiscal year: According to The IRS, taxes must be…

Q: Annie's employer withheld $10,488 in federal income tax. After completing her return, Anvie…

A: Federal income tax:- It is the tax amount that an individual owes to the government. It is the tax…

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which…

A: Adjusted gross income (AGI) is referred to that amount that is used to determine the income tax…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent and Independent tax payer Dependents can include infants or any other family members who…

Q: 63- For each of the following situations, indicate how much the taxpayer is required to include in…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: 1. A college-age taxpayer files their own return in TY2019 to reclaim withholdings. They are claimed…

A: A stimulus check is a check sent to a taxpayer by the U.S. government. Stimulus checks are intended…

Q: Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is…

A: As of the year 2021, the self-employment tax rate is 15.3% consisting of 12.4% of social security…

Q: The AMT exemption amount for married filing jointly taxpayers is __________.  $25,100  $57,300…

A: The question is based on the concept of taxation.

Q: m Care Insurance premiums before age limitation applied $3,400 State withholding (higher than…

A: To deduct the qualified mortgage insurance, two things must to be true. You need to itemize the…

Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…

A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…

Q: 1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Qualified tuition Program (QTP) Contribution in the QTP including earnings is exempt if it used to…

Q: Miriam Anne is a single taxpayer. What federal taxes does she pay if her taxable income is (a)…

A: Given that: Miriam Anne is a single taxpayer.

Q: Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and…

A: income from jobs =$13200 Taxable interest =$1450 Total income =13200+1450=14650 Total income =$14650…

Q: additional 0.9% Medicare tax

A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…

Q: The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his…

A: Tax is a charge which is charged on the taxable income of a taxpayer earned during the year by a…

Q: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only…

A: Taxable income is the portion of a person's or a company's income that is used to calculate how much…

Q: Corine is filing as head of household and has 2020 taxable income of $35,000 which includes $23.000…

A: Taxable income refers to the base income on which the tax is imposed and it involves all the income…

Q: Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing…

A: Formula: Gross pay = All incomes including gifts - Contributions Deduction of Contributions fro the…

Q: Determine the total amount that will qualify for itemized deduction by the taxpayer.  Ricki (single…

A: Interest Expense deductible only to the extent paid and related to the current period :  Prepaid…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did…

A: Calculate the excess taxable income.

Q: In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000 (this…

A: Income tax: Income tax iS the tax that a person iS liable to pay on the income generated during the…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: Standard deduction refers to the non-taxable portion of income. It is based on the age, filing…

Q: During 2021, Montoya (age 15) received $2,300 from a corporate bond. He also received $900 interest…

A: Taxable income refers to the income on which tax is imposed by the relevant authorities. It includes…

Q: Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and…

A: Taxable income is money earned that is subject to taxes by federal or state authorities. Wages,…

Q: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…

A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…

Q: Robert is a single taxpayer who has an AGI of $145,000 in 2020, his taxable income is $122,000. What…

A: Tax liability of an individual depends on the net taxable income for the previous period. Taxable…

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: 1. Tonya; a single, calendar year, cash basis taxpayer; paid state income taxes of $8,000 during…

A: According to IRS standard deduction for 2019 are stated as follow:

Q: Determine the amount of the standard deduction allowed for 2021 in the following independent…

A: Taxpayer is the person who is responsible for payment of taxes to the government. Government allows…

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500,…

A: Itemize Deduction: An itemized deduction is a cost that may be deducted from your adjusted gross…

Q: Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her only…

A: Formulas: Business loss = Wages - Net loss

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…

A: Income of domestic corporation from all over the world is subject to tax. However dividend received…

Q: the lifetime learning credit

A: Lifetime learning credit is a deduction available from tax payable in respect of expenditure…

Q: taxpayer received a notice from the BIR to file his 2019 income tax return not later than January…

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: An unmarried taxpayer with no dependents expects an adjusted gross income of $87,000 in a given…

A: Step 1 As per provisions of US Federal tax, income excess over $36900 is 25% tax chargeable and…

Q: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in…

A: Adjusted Gross income:    It is measure that is used in determining the income from the gross…

Q: An unmarried taxpayer reports $17,000 of capital losses and $8,000 of capital gains Which amount…

A: Many countries have different rule is case of deduction of capital loss, some countries are allowing…

Q: Taxpayer, age 63 and si

A: Tax is a liability of every citizen that is to be paid to the government of the country. Tax is the…

Q: Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes.…

A: Formula: AMTI = Taxable income + Real estate tax + State income tax

Q: An investor has a taxable income of $125997. He has an investment property which earns $21780 in…

A: The rental income is passive incomes and are charged specifically at a rate of 30% on the gross…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent: A dependent is a person who is financially reliant on another person, and this might…

Q: . Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400. Mary…

A: The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 well beyond what…

Q: 3. For the 2020 tax year, Nancy, a single taxpayer, receives $12,000 in Social Security benefits.…

A: For the 2020 Tax Year percentage of Social Security Benefit is Taxable if  Income is Less than 25000…

Q: Find the gross income, the adjusted gross income, and the taxable income. A taxpayer earned wages of…

A: Gross Income is the gross amount received which include wages or salaries, interest or taxable…

Q: If Bob Joe has a total earnings of $2080.00 for dec 20th, XXXX. He is Married with 3 with holding…

A: Total earnings refer to the income which an individual earns in the given period. It means income…

Q: A married resident citizen has 5 qualified dependent children. The following information pertains to…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: 34.For 2020, the maximum percentage of Social Security benefits that could be included in a…

A: 35. The maximum percentage of Social Security benefits that could be included in a taxpayer’s gross…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.