Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $10,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 3. Lewis and Oneida are eligible to claim the Earned Income Tax Credit (EITC) without a qualifying child. Sebastian and Ashley Miller are married and always file Married Filing Jointly. Sebastian earned $32,000 in wages and Ashley earned $24,000 in wages. The Millers paid all the cost of keeping up a home and provided all the support for their two children, Laura and Timothy, who lived with them all year. Laura is 14 years old and Timothy turned 17 in November 2022. Sebastian and Ashley did not have enough deductions to itemize, but contributed $1,500 in 2022 to their church, a qualified charitable organization. Sebastian, Ashley, Laura, and Timothy are all U.S. citizens with valid Social Security numbers and lived in the U.S. the entire year. 5. The Millers do not qualify for the Child Tax Credit (CTC). 6. What amount can Sebastian and Ashley deduct as a charitable contribution? A. $0 B. $600 C. $1,200 D. $1,500
Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $10,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 3. Lewis and Oneida are eligible to claim the Earned Income Tax Credit (EITC) without a qualifying child. Sebastian and Ashley Miller are married and always file Married Filing Jointly. Sebastian earned $32,000 in wages and Ashley earned $24,000 in wages. The Millers paid all the cost of keeping up a home and provided all the support for their two children, Laura and Timothy, who lived with them all year. Laura is 14 years old and Timothy turned 17 in November 2022. Sebastian and Ashley did not have enough deductions to itemize, but contributed $1,500 in 2022 to their church, a qualified charitable organization. Sebastian, Ashley, Laura, and Timothy are all U.S. citizens with valid Social Security numbers and lived in the U.S. the entire year. 5. The Millers do not qualify for the Child Tax Credit (CTC). 6. What amount can Sebastian and Ashley deduct as a charitable contribution? A. $0 B. $600 C. $1,200 D. $1,500
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 8BCRQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT