ssssssss eBookExercise 12-18 (Algorithmic) (LO. 4)In 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 10, 14, and 21. All parties areU.S. citizens. The couple's AGI is $198,400.Santiago and Amy's child tax credit for 2023 is $and dependent tax credit is $

For 2023, if the income of a married couple filing jointly is $400000 or below, then the maximum…

Answered: In 2023, Santiago and Amy are married…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 29P

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LO.4, 9 Walter and Nancy provide 60% of the support of their daughter (age 18) and son-in-law (age 22). The son-in-law (John) is a full-time student at a local university, and the daughter (Irene) holds various part-time jobs from which she earns 11,000. Walter and Nancy engage you to prepare their tax return for 2019. During a meeting with them in late March 2020, you learn that John and Irene have filed a joint return. What tax advice would you give based on the following assumptions? a. All parties live in Louisiana (a community property state). b. All parties live in New Jersey (a common law state).
PERSONAL TAXES Joe and Jane Keller are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. Assume that their taxable income this year was 165,000. a. What is their federal tax liability? b. What is their marginal tax rate? c. What is their average tax rate?
n 2022, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,403,400, and they itemize their deductions as follows: state income taxes of $15,100 and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5 and Tax Rate Schedule for reference. Whats the amt
Hw.21. must present the procedures or formulas used to reach your final results Pepe Jose is a single taxpayer, age 34. In 2022, his salary is $69,400 and he has interest income of $12,500. In addition, he has deductions for adjusted gross income of $14,340 and he has $14,390 of itemized deductions. Calculated the following amounts: Gross Income Adjusted Gross Income Standard Deduction or Itemized Deduction Amount Taxable Income Taxes Liability
calculate the amount of the child tax credit for a married couple, filing jointly, with the modified AGI of$132,355 and one child, age 13. for the tax year 2022.
Hh.159. Jim and Jane are a married and file their taxes jointly. They have dependent children, which allow them to claim a $3,200 childcare tax credit. Their household income comes from three sources—Jim’s salary of $65,000, Jane’s salary of $75,000, and $20,000 on interest from investments. They could itemize their deductions for 2022, which include $10,000 in mortgage interest, $3,000 in state and local taxes, and $2,500 in charitable donations. However, the standard deduction for married filing jointly in 2022 is $25,900. As such, they make the logical choice. What is Jim and Jane's total taxable income? What is the calculation to the answer?
G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).
The Chungs are married with one dependent child. They report the following information for 2022: Schedule C net profit $ 66,650 Interest income from certificate of deposit (CD) 2,100 Self-employment tax on Schedule C net profit 9,418 Dividend eligible for 15% rate 12,000 Lila Chung's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.
B1. In 2022, Lisa and Fred, a married couple, had taxable income of $303,600. If they were to file separate tax returns, Lisa would have reported taxable income of $126,800 and Fred would have reported taxable income of $176,800. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit?
need help calculatin Earned Income Credit, for the year 2022. taxpayer has 3 qualifying children which are going to be claimed and her AGI is $20, 034 with $1.75 of interest received. her taxable income in $1,636. federal income tax withheld is $2, 103. our additional child tax credit from form 8812 is $2,780. how can we calculated EIC? in the irs page is saying it would be $ 6, 935 but its not correct. please help i need correct calculation of eic

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In 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 10, 14, and 21. All parties are U.S. citizens. The couple's AGI is $198,400. Santiago and Amy's child tax credit for 2023 is $ and dependent tax credit is $