Geoff and Jenny Jefferies were married in 2020 and filed a joint tax return. They received a $2,800 stimulus payment in April of 2021. In December 2021, Jenny had twin daughters (each is a qualified child). Their 2021 AGI is $85,000. What is the Jefferies’ recovery rebate credit for 2021?

Q: Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file…

A: In this question, We will find out couple's marriage penalty and benefits.

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $600,000 by paying $200,000 down…

A: The standard amount of deduction for interest expense for the year 2021 is determined to be $12,550…

Q: Gilbert is an elementary school teacher at a public school. Gilbert and Tara are married and choose…

A: Here given the illustration to fill up the form of 1040 for taxes for married filled jointly.  The…

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: Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021.…

A:

Q: Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021.…

A: Taxable income: It implies to the taxpayer's income that is subjected to tax charges.

Q: In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State…

A: maximum qualified expense claim=4000 maximum AOTC=2500

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

A: For the 2020 tax year, the child tax credit is $2,000 per qualifying child. The threshold limit for…

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security…

A: The following joint income return is calculated for Linda and Don.

Q: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2018 Christmas…

A: Raphael and Martina are engaged and get married at the end of the year. In 2018, Raphael income =…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019,…

A: Employees and families with low and moderate incomes might benefit from the Earned Income Tax Credit…

Q: Barry and Madison plan to marry in December 2019. Barry​'s salary is $60,000 and he owns his…

A: As you have already answered the starting subpart, so i am only answering the last subpart. Tax: It…

Q: How much is the total donor's tax due of Spouses Oredan?

A: Donation tax is the tax which has to be charged on the donations made during the year and the…

Q: Denise's child tax credit for 2019 is

A: Tax credit is defined as the reduction in the tax liability of the taxpayer. It is known as tax…

Q: 1.Ian, 37, and Isabella, 36, are married and file a joint tax return.  They have one child, Ingrid…

A: Gross profit refers to the amount of money earned by a company or an entity in a desired financial…

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: Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has…

A: The Federal Insurance Contributions Act (FICA) is a United States law that requires employers to…

Q: In 2021, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time…

A: Earned income credit is a credit against the tax payable on taxable income. It is allowed to…

Q: Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a…

A: Given Information: As per the given case Phil and Linda are younger than age 50 so in that case they…

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $852,000 by paying $284,000 down…

A: A company's interest expense indicates the cost of borrowing. Interest expense is a semi-item on the…

Q: In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State…

A: AOTC can be claimed upto 4000$ if AGI is less than 180000 in case of filing joint return

Q: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Harry and Carrie Franklin are married and choose to file Married Filing Jointly on their 2020 tax…

A: Eligible educators can subtract up to $250 in eligible expenditures from their wages under the…

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: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket in 2020.…

A: Particulars When they consider the option When they do not consider the option Income 75,000…

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: Charles and Joan Thompson file a joint return. In 2019 they had taxable income of $92,370 and paid…

A: All amounts are in dollar ($).

Q: Calculate Otto’s self-employment tax Calculate the employer’s portion of the nanny tax that they…

A: Self-employment tax: Tax paid by the owner of the small business entity to fund the Medicare and the…

Q: Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In…

A: Given information is: Contribution to HSA = $100 per month One time contribution = $2000 Used for…

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $600,000 by paying $200,000 down…

A: Rental payment: A rental payment refers to the fixed payment of an agreed amount that is mentioned…

Q: What is the amount of the child and dependent care credit they should report on their tax return for…

A: Child and Dependent Care credit : Among the various tax credit or deductible expenses, this tax…

Q: b.  George and Shirley are married and file a joint return in 2018. During the year, George earns…

A: Situation: Married and filing jointly.Rule: The additional Medicare tax is 0.9% on wages above…

Q: Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and…

A:

Q: Barry and Madison plan to marry in December 2019. Barry​'s salary is $60,000 and he owns his…

A: The tax slab to compute the gross tax liabilities of joint taxpayers are taken from 2019 tas table…

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $600,000 by paying $200,000 down…

A: After Tax Interest Cost: The after-tax cost of debt is equal to the interest paid on debt minus any…

Q: married and have 2 children. Azza has a salary  of £  54000 pa and has paid £ 1800 (net) under the…

A: Child Benefit rate refers to the allowance paid by the separated parent (father) of the child to the…

Q: Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions…

A: The Tax benefit rule U/s 111 states if any deduction is claimed in prior year and subsequently it…

Q: Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021.…

A: Taxable income: It refers to the total income of the taxpayer that is subjected to the tax charges.

Q: Rasheed works for Company A, earning $382,000 in salary during 2021. Assuming he is single and has…

A: The wage limit for social security tax for 2021 = $142800

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

Q: Toni and Beyonze are married and file jointly. During 2020, they paid tuition for their daughter’s…

A: Given information is: Filing status = married and jointly Tuition fees paid for daughter = $23000…

Q: In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: A. LONG TERM CAPITAL GAIN ABOVE $78,750 = $125,000 - $78,750 =$46,250   B. TAX ON LONG TERM…

Q: What is the other dependent credit Mr. and Mrs. Vonce may claim on their 2019 tax return?

A: Income tax: - Income tax is the tax that is paid by the individual/firm/company when it earns…

Q: Eugene and Velma are married. For 2020, Eugene earned $25,000 and Velma earned $30,000. They have…

A: For the purpose of calculation of tax liability, itemized deductions are those deductions that can…

Q: ngle taxpayer living in Seattle, Washington, with adjusted gross income for the 2020 tax year of…

A: In the given case, Martin’s adjusted gross income for the year is $59,000. He has paid various…

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…