a. Margie is 15 and claimed as a dependent by her parents. She has $625 in dividends income and $2,520 in wages from a part-time job.

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A: It is the amount that is deducted from taxable income that reduces the tax liability of the person.…

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Q: Phil Cousteau is an accountant. Phil is 47 years old and is married to Claire who is 45 years old.…

A: Tax refers to the compulsory charge levied by the government over the money gained by an entity.

Q: Tony, age 15, is claimed as a dependent by his grandmother. During 2016, Tony had interest income…

A: Given: Interest income = $ 1,000 Earnings from part-time job = $ 850

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A: Formula: Gross Income = Wages income + Dividend income.

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A: For MFJ & MFS, the person should be married. For Qualified Widow(QW) husband needs to have…

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A: Qualifying child dependent: As per the IRS, a qualifying child dependent includes those dependents…

Q: 7(a). Bob is 17 years old and can be claimed as a dependent by his parents.  He has $4,000 of income…

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Q: llene rents her second home. During the year, llene reported a net loss of $15,700 from the rental.…

A: correct answer is $10,450

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A: NIIT (net investment income tax)will be applied to net investment income to the extent that modified…

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A: Calculate unearned net income as shown below:

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A: Gross income is the income which a taxpayer has earned during the year means all money which the…

Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…

A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: s. Yank was seriously injured in a traffic accident caused by another driver’s negligence. This…

A: Given  Adjusted gross income (AGI) Taxable income Mrs. Yank's regular income tax AMT Mrs.…

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A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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Q: What is the amount of his child and dependent care credit?

A: Given Jack paid = $5000 in day care as expenses Daughter age = 5 years His AGI = $37500

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A: Standard Deduction: A standard deduction is a portion of an individual’s earned income that is not…

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A: Payment protection plans seem to be an optional service offered by select lenders as well as credit…

Q: Mike (49) and Viola (50) are married and want to file together. They have two children, April (20)…

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Q: his parents. Malik earned wages of $2,500 and he had investment in

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A: Kelly's share of Ordinary Income= $119655 Kelly's W-2 Wages= $34862 Darryl's W-2 Wages= $145000 As…

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A: Claim of child and dependent care credit: If you (and your spouse, if you are filing a joint return)…

Q: Ivanna who has three children under age 13 worked full-time while her spouse Sergio was attending…

A: You may be able to claim the credit if you pay someone to care for your dependent who is under age…

Q: Mr. & Mrs Grnager both work full time.  They have three children ages 16, 6, and 3.  In 2021, the…

A: Here the details of qualified expenses which can be used for claiming the child and depend care…

Q: Rachel is single and has wages of $150,000 and dividend income of $90,000. She has no investment…

A: Net investment income tax is part of income tax which is charged on the investment income like,…

Q: Libby is a single mom with two kids.How many exemptions can she claim on her federal income tax…

A: Exemption of dependent persons: A single parent is allowed to claim applicable deductions and…

Q: 47- Scott is 15 years old and qualifies as a dependent of his parents. During 2019 he earns $2,500…

A: Standard deduction for individual that are dependent is limited to the greater of $1100 or Income…

Q: The following information applies to Jasmine, who is single, for 2020: Salary $56,350 Interest…

A: Solution-    Taxable income=Gross total income-Total Exemption-Total deduction The first step to…

Q: Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…

A: It is assumed that Sergio is fully employed and have earned $500 for 9 months     $500 * 9 months…

Q: Adrienne is a single mother with a 6-year-old daughter who lived with her during the entire year.…

A: The taxpayer is eligible to claim child and dependent care credit if he/she paid expenses for the…

Q: Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided…

A:

Q: 1. In 2021, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio,…

A: Disclaimer :- Hence it is a multiple type question we can answer only first question from the given…

Q: Chin, who is not married, provides a home for his 21-year-old daughter who attends college full-time…

A: A tax credit is something that helps a person decrease his or her overall tax liability. There are…

Q: Caroline has a net income of 80000. she has received her T4 in the middle of February and she knows…

A: Tax Credit: A tax credit is a measure of credit that citizens can take away straightforwardly from…

Q: C. Bradley Which credit can he take?  Total eligible expenses:  Show calculation of maximum credit…

A: A C American opportunity tax credit   Total Eligible Expenses (3200+500) $3,700 Maximum…

Q: Briana owns a second home that he rents to others. During the year, she used the second home for 50…

A: Here Brady used property for 50days

Q: Tim (49) and Deborah (50) are married and want to file together. They have two children, Jude (20)…

A: SOLUTION- A CHILD IS CONSIDERED QUALIFYING DEPENDENT IF THEY SATISFY THE FOLLOWING BASIC CONDITIONS-…

Q: Are there 65 years old and single he supports his father who is 90 years old blind in has no income…

A: These Standard Deduction amounts are for 2019 Tax Returns due on July 15, 2020. Filing Status…

Q: Allen and Meagan, aged 43 and 33, have 2 children aged 6 and 8. They live in their own home, which…

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