Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Charlotte's father earned $2,400 from a part-time job and received $5,500 of municipal bond interest. Charlotte has a salary of $81,800, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 34P
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Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor
children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in
which her parents live and furnished 60% of their support. Charlotte's father earned $2,400
from a part-time job and received $5,500 of municipal bond interest. Charlotte has a salary
of $81,800, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle,
and itemized deductions of $10,500.
Click here to access the Components of the tax formula to use, if required. If an
amount is zero, enter "$0".
a. Compute Charlotte's taxable income.
X
b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for
Charlotte is $
for 2023.
c. Compute Charlotte's child and dependent tax credit.
Charlotte's child tax credit is $
refundable and her dependent tax credit is
may be refundable.
of which $
'
may be
of which $
Transcribed Image Text:Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Charlotte's father earned $2,400 from a part-time job and received $5,500 of municipal bond interest. Charlotte has a salary of $81,800, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the Components of the tax formula to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. X b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ for 2023. c. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $ refundable and her dependent tax credit is may be refundable. of which $ ' may be of which $
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