Andy maintains a household that includes a cousin (age 12) a niece (age 18), and a son (age 26). All are full-tiime students. Andy furnishes all of their support and all are "members of the household" How many dependents?
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Andy maintains a household that includes a cousin (age 12) a niece (age 18), and a son (age 26).
All are full-tiime students. Andy furnishes all of their support and all are
"members of the household"
How many dependents?
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- Jane and Robert Brown are married and have eight children, all of whom are eligible to be claimed as the couples dependents. Robert earns 196,000 working as senior manager in a public accounting firm, and Jane earns 78,000 as a second-grade teacher. Given their large family, they live in a frugal manner. The Browns maintain a large garden and some fruit trees from which they get most of their produce, and the children take family and consumer science classes so that they can help make the familys clothing. The Browns record no gross income other than their salaries (all of their investment income is earned from qualified retirement savings), and their itemized deductions are less than the standard deduction. In addition, they incur no additional adjustments or preferences for AMT purposes. a. What is the couples 2019 regular tax liability? b. What is the couples 2019 AMT? c. Express the calculation of the couples AMT for 2019 as a Microsoft Excel formula. Place any parameter that could change annually in a separate cell, and incorporate the cell references into the formula.Mary Jane’s father lived with them until his death in November. His only sources of income were salary of $3,800, unemployment compensation benefits of $3,500, and Social Security benefits of $4,100. Of this amount, he deposited $6,000 in a savings account. The remainder of his support of $11,000, which included funeral expenses of $4,500, was provided by John and Mary Jane. Is Mary Jane's father considered a dependant?Vanessa, a single mother, has three children, Mariah (7), Alejandro (12), and Brianna (18). Brianna is a full-time student. Vanessa's adjusted gross income is $68,950, and her tax liability is $5,757. All three children are Vanessa's qualifying child dependents. What is the total of Vanessa's Child Tax Credit and Other Dependent Credit?
- During the current year, Freda was entirely supported by her three children, Michelle, Brian, and John, who provided support in the following percentages: Michelle 43% John 48% Brian 9% Which of the children is entitled to claim their mother as a dependent, assuming a multiple support agreement exists? Michelle or Brian Brian or John Michelle or John Michelle, Brian, or JohnTrey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters if his AGI is $420,500? Amount of child tax credit= ?Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,550 in child care expenses so that she would be able to work. Of this amount, $740 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,100 from her jewelry business. In addition, she received child support payments of $21,200 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
- Adrienne is a single mother with a 6-year-old daughter who lived with her during the entire year. Adrienne paid $2,500 in child care expenses so that she would be able to work. Of this amount, $500 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,000 from her jewelry business. In addition, she received child support payments of $21,100 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8.b. His AGI is $422,100.
