Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as dependents. Her AGI for 2020 is $81,500. Denise's child tax credit for 2020 is

Q: Julie, being self-employed, is required to make estimated payments of her tax liability for the…

A: In case estimated tax of an individual is $1,000 or more than quarterly payment of tax should be…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual to government. These…

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: For 2020, Erika and Matthew, ages 62 and 68, respectively, are married taxpayers who file a joint…

A: The following calculations are done for Erik and Matthew who file a joint tax return.

Q: Using the following facts, determine Jaron’s 2019 taxable income. 1. In November 2017, when his wife…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income:…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: Ross is single with an adjusted gross income of $68,100, and he uses the standard deduction for…

A: Income tax: It implies to a financial levy or charge that is imposed on the income of taxpayer by…

Q: . Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of…

A: Taxable income is computed after deducting all the standard or itemized deductions for which the…

Q: Sean, who is single, received social security benefits of $8,480, dividend income of $12.610, and…

A: In the given scenario, the combined gross income for Sean is :  = Social Security benefit + Dividend…

Q: what is the maximum amount they can give to the family (including the sons- and daughters-in-law)…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15,000 to…

Q: richard and alice are divorced and under the terms of their written divorce agreement signed on…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

Q: Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13.…

A: AGI = $ 417,000 No.of Children = 2

Q: Greg is single. During 2020, he received $60,000 of salary from his employer. That was his only…

A: Salary: Its a compensation to be paid to employees for contributing their time and providing…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Sally, age 44, has 3 dependent children between age 6 and 17. The children live with her and qualify…

A: As Sally can file return as Head of Household, she can avail standard deduction.  For persons filing…

Q: What filing status should Reba use for her 2020 tax return?  Regardless of your answer in a., assume…

A: 1) R is a divorcee as on 31st December 2020 So, she should file recordings as a single for 2020 tax…

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: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

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: Elijah and Anastasia are married and have six married children and eight minor grandchildren. For…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15000 to…

Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

Q: In 2020, Marley, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: 14-year child can get a child tax credit i.e $3,000 And 18 year old can be claimed as dependent i.e…

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: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Stan has more than $2,100 unearned income, kiddle tax rates will be applicable on her income.

Q: Sarah is completing her tax return for the year 2021 and calculating her personal exemption. I'm 25…

A: As per income tax Act 1961 As an Assesses file return under section 139  Where the exemption for…

Q: Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children.…

A: Concept used: Maximum up to tax liability or Actual paid or 2500 whichever amount is lower will be…

Q: Paul, age 40 and single, has an 8-year-old son, Larry. Larry resides with his mother, Susan, in her…

A: Answer:-  Standard deduction:- Standard deduction is that portion of income which is not subject to…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages are…

A: SOLUTION- PENSION IS A CONTRACT FOR A FIXED SUM TO BE PAID REGULARLY TO A PERSON , TYPICALLY…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

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

Q: evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is $16,000,…

A: Credit for the elderly or permanently and totally disabled is available subject to certain income…

Q: Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their…

A: You have the option to file either as single individual Filers or as married couples. So marriage…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…

Q: 1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: 1. a. $24,400 + $1,300 = $25,700     b. $43,600 - $25,700 =$17,900.

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: Elijah and Anastasia are husband and wife who have five married children and nine minor…

A: When a person transfer ownership of goods or property to another during his life at this time a tax…

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: 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: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: The AMT is charged at two rates: 26% and 28%. For the year 2021, the AMT exemption level is $73,600…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: In order to qualify for the Child Tax Credit, the Child's age must be under 17 and Child Tax Credit…