Libby is a single mom with two kids.How many exemptions can she claim on her federal income tax return?

Q: Rasheed works for Company A, earning $401,000 in salary during 2021. Assuming he is single and has…

A: FICA tax rate limits :- Social security taxes = 6.2% upto $142,800 Medicare tax = 1.45% Additional…

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: Mr. Jacob Marley is single with no children and takes the standard deduction and one exemption.  If…

A: Annual Income - $81400 Single Standard Tax Deduction - $6300 Personal Exemption Amount - $4050

Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their…

A: Tax is the amount that is charged by the tax authority from the individual and companies on their…

Q: Ross is single with an adjusted gross income of $73,100, and he uses the standard deduction for…

A: It is the amount of tax payable to the government by the taxpayer on their taxable income. This tax…

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. •…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Ms. Nelson is a single mom with three children who live at home. She earned less than $40,000 in…

A: Ms. Nelson earned in 2018 ⩽$40,000. Ms. Nelson is a single mom with three children.

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha…

A: Filling a tax return means to fill a form in which a tax payer has to mention his earnings, all his…

Q: Charlie and Renee have two children who are 16 and 18. In addition, Rick's mother ives with them and…

A: According to US tax law, the child tax credit seems to be an income tax credit for up to $2,000 for…

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: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…

A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…

Q: Ross is single with an adjusted gross income of $69,100, and he uses the standard deduction for…

A:

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: 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: Joe and Jane Keller are a married couple who file a joint income taxreturn, where the tax rates are…

A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of…

Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…

A: In all of the  community property states , income from interest shall be considered one half of by…

Q: Laura is filling her 2021 tax return and is calculating her personal exemption.  Single and age 25…

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

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: Beatrice, age 12, is a dependent of her parents. She earned wages of 1500 and had taxable interest…

A: Since Beatrice is a dependent minor, her taxable income would be calculated as per section 1(j)(4)…

Q: 8.  Lisa is 17 years old and is a dependent of her parents.  She has income from a summer job of…

A:

Q: mary is single and has two children, age 8 and 10. Calculate mary's reduction in tax from tax…

A: Different nations offer parents with dependent children a tax advantage known as the child tax…

Q: Elijah and Anastasia are husband and wife who have six married children and eight minor…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Ellie is 15 and claimed as a dependent by her parents. She has $1,325 in dividends $ а. income and…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…

A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: The tax credit which is given as the tax relief to the taxpayers in order to bear the children…

Q: Marisa is 16 years old and a dependent of her parents.  She earned $5,000 of income from wages…

A: Kid’s tax: The tax cuts and jobs act made some significant changes in the way a child’s income is…

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: What tax forms should be used for the following tax return? Tim is a self-employed business person…

A: Introduction A Tax Return is tax form used to file the income, expenses etc to tax authorities. Tax…

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: Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal…

A: Federal tax levy: The amount of taxes levied on an employee's take-home pay, based on the levy rate…

Q: Tim (40) and Tina (42) live in California. They have two dependent children, Todd (age 10) and Ted…

A: The question is based on the concept of Taxation.

Q: Campbell, a single taxpayer, earns $440,000 in taxable income and $4,000 in interest from an…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

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: . What is her taxable income?

A: The standard deduction for a person filing with single status is $12,400

Q: What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

A: According to US taxation laws, any income earned over $1000 is taxable.

Q: What tax forms are needed for the following example? Tim and Sarah Lawrence are married and filing a…

A: Step 1: Compute the taxable income for Tim and Sarah for the year for 2019.

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent: A dependent is a person who is financially reliant on another person, and this might…

Q: Santiago and Amy are married and file a joint tax return claiming their three children, ages 12, 14,…

A: They can claim a child tax credit of $2000 per child for children below 17 years. So it's available…

Q: Daniel's wife just had a baby and he wants to make sure that the amount of taxes taken out of his…

A: Child Tax Credit:  An amount of  $2,000 per qualifying child( include new baby)  is available for…

Q: Caroline has a net income of 80000. she has received her T4 in the middle of February and she knows…

A: Tax Credit: A tax credit is a measure of credit that citizens can take away straightforwardly from…

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: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…

A: American Opportunity Tax Credit (AOTC): $2500 Credit per person if paying $4000 of education…

Q: In 2020, Courtney, 16 and a dependent of her mother, had earned income of $4,000 and interest income…

A: Taxable income refers to the income which is subject to tax as per the government's regulations. All…

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: Boomer owns a 4-bedroom home located two miles from the Raymond James Stadium in Tampa. On February…

A: Boomer owns a 4 bedroom home located 2 miles from the Raymond James Stadium in Tampa. On Feb 4,…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.