Beatrice, age 12, is a dependent of her parents. She earned wages of 1500 and had taxable interest of 6500. Her parents tax rate is 33%. What is her taxable income?

Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…

A: Self Employment Tax The federal government collects taxes from self-employed workers and small…

Q: Mazik, age 17, is a dependent of his parents. Mazik earned wages of $12,500 and had no investment…

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A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

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A: Net Unearned Income: Income unearned For the purposes of this paragraph— In the case of a child, the…

Q: Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved…

A: If any married taxpayer files joint return may exclude income up to $500,000 gains from selling…

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

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

Q: duela dent is single and had $189,000 in taxable income.  Using the rates from table 2.3 in the…

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Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

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

Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Charlie and Renee have two children who are 16 and 18. In addition, Rick's mother ives with them and…

A: According to US tax law, the child tax credit seems to be an income tax credit for up to $2,000 for…

Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Given: Particulars Amount Service amount $35,000 Marginal tax rate 37% After tax rate of…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

A: The question is related to Federal Insurance Contribution Act shared equally by employer amd…

Q: Jason's earned income credit

A:

Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: After tax cost is the amount of expenditure that is incurred during the year and that expenditure is…

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: a. Margie is 15 and claimed as a dependent by her parents. She has $625 in dividends income and…

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

Q: Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on…

A: Real estate tax on lowa residence $ 3,800 Greater of sale tax or state income tax $ 1,750…

Q: Hermano and Rosetta are a retired couple who file jointly and receive $10,000 in Social Security…

A: Gross income: Those incomes which are earned all source of income and under this income, not the…

Q: Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400…

A: A dependant will get a standard deduction of $1,100 or earned income + $350, whichever is higher.…

Q: 8.  Lisa is 17 years old and is a dependent of her parents.  She has income from a summer job of…

A:

Q: Ninette, age 16, has dividend income of $2,800 and interest income of $935. She has no investment…

A: Calculate unearned net income as shown below:

Q: Natasha is a 21 year old,unmarried student who lives alone. Last year her taxable income was…

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

Q: Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What…

A: We have the following information: Donna has a salary of $104,500 Interest Income: $20,000

Q: Zack is single and  has collected the following information for preparing his 2021 taxes: Gross…

A: According to the given question,  we are required to compute the adjusted gross income and taxable…

Q: Ross is single with an adjusted gross income of $69100, and he uses the standard deduction ($12,000)…

A: Tax has been calculated on the basis of formula given i.e. 4453.50 + 22% over $ 38,700.

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: Marisa is 16 years old and a dependent of her parents.  She earned $5,000 of income from wages…

A: Kid’s tax: The tax cuts and jobs act made some significant changes in the way a child’s income is…

Q: Laura is filling her 2021 tax return and is calculating her pesonal exemtion.  Single and age 25…

A: Personal exemption of IRS (Internal Revenue Service) refers to the exemptions which can be claimed…

Q: Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an…

A: Marginal Tax rate = Change in Tax / Change in Taxable Income

Q: During the year, Brenda (70), a single taxpayer, received $18,000 in social security benefits. Her…

A: Introduction:- Calculation of how much of Brenda's social security benefits are taxable as follows:-…

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

A: A tax is a compulsory contribution or financial charge levied by the government on the income earned…

Q: Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment…

A: Solution -  A wages $12500 AGI $12500   B Standard deduction= $12150  greater of $1100 or…

Q: Campbell, a single taxpayer, earns $440,000 in taxable income and $4,000 in interest from an…

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

Q: Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying…

A: Earned income credit: The earned income credit is a refundable tax credit for working couples and…

Q: . What is her taxable income?

A: The standard deduction for a person filing with single status is $12,400

Q: 00 Capital loss from sale of stock held 6 months…………………..(4,000) Compute Sarah’s regular taxable…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate…

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Q: Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made…

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

A: As per IRS, the maximum credit that per child under child tax credit is $2,000 if the age of the…

Q: Melba, age 58, takes a $12,000 distrubtion from her traditional IRA. She uses the distribution to…

A: Given, Melba, age 58, takes a $12,000 distribution from her traditional IRA, She uses the…

Q: Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated…

A: Tax is the liability which has paid by the individual and the corporation to the Federal Government…

Q: In 2020, Courtney, 16 and a dependent of her mother, had earned income of $4,000 and interest income…

A: Taxable income refers to the income which is subject to tax as per the government's regulations. All…

Q: Marik, age 17, is a dependent of his parents. Marik earned wages of $600 and had interest income of…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Campbell, a single taxpayer, earns $428,000 in taxable income and $3,400 in interest from an…

A: The tax liability of a taxpayer depends upon the taxable income and the filing status. The tax…

Q: How much of Darlene's distribution is subject to the 10% additional tax?

A: A traditional IRA refers to the retirement account of an individual where he could make…