Mazik, age 17, is a dependent of his parents. Mazik earned wages of $12,500 and had no investment income. What is Mazik’s standard deduction amount for 2020?

Q: Joanna, age 44, defers $24,000 in a qualified Solo § 401(k) plan in 2020. a. What amount must be…

A: Concept used : The deferral limit for 2020 is $19,500.

Q: Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses…

A: The following computations are done for Jerry who is a single tax payer.

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

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: Carey, a single taxpayer, purchased a rental house in 2021, which he actively manages. During 2021,…

A: Revenue recognition and reporting are critical and challenging challenges for accountants to…

Q: In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as…

A: The alternative minimum tax (AMT) applies to taxpayers who falls under high income by fixing a limit…

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: Diego, age 56, a school teacher, is married and has decided to file married, filing separately. His…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Sally, age 45, single, no dependents, has wages of $60,000 in 2020 and no other income. She is not…

A: If the taxpayer and his spouse are not protected by a workplace retirement plan, then the taxpayer…

Q: Tony, age 15, is claimed as a dependent by his grandmother. During 2016, Tony had interest income…

A: Given: Interest income = $ 1,000 Earnings from part-time job = $ 850

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A: Contributing members of the Social Security System (SSS) who lost their jobs due to the economic…

Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: During the tax year 2021, Crenshaw experienced the following: His mortgage was discharged due to…

A: In 2021, 9 individual income tax provisions which expired in 2020 were re-introduced or extended in…

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: . 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: Jenny, age 24, and her daughter Marie, age 3, moved in with her mother, Barbara, after she separated…

A: Determination of Dependency To determine the dependency criteria the important aspect is the…

Q: John Jay, 45, is married and supports his mother, age 67. During 2020, he paid $1,300 for…

A: Medical and Dental expenses paid during the year by cash/check  less reimbursed portion by employer…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

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: Simon, age 12, generates $6,320 interest income and no earned income for 2018. He incurs no…

A: Step1: Calculating the Simon’s net unearned income. We have,Since, Simon, age 12, generates $ 6,320…

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: llene rents her second home. During the year, llene reported a net loss of $15,700 from the rental.…

A: correct answer is $10,450

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: Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no…

A: Self employment means the person who can conduct his own business or services which are treated as…

Q: For 2019, Ashley has gross income of $38,350 and a $5,000 long-term capital loss. She claims the…

A: Determine the amount that person A carries over to 2020.

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: In 2019, Simon, age 12, has interest income of $7,980 and no earned income. He has no investment…

A: To Determine – Simon’s net unearned income and Total tax As Simon is only 12 years of age and has…

Q: In 2019, Simon, age 12, has interest income of $4,900 and no earned income. He has no investment…

A: Unearned Income & Tax liability for Children Here total unearned income = $ 4900 and has no…

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: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Federal insurance and contribution act enable US payroll tax to fund the social security…

Q: Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children.…

A: Standard Deduction: A standard deduction is a portion of an individual’s earned income that is not…

Q: In 2020, Ashley earns a salary of $ 55,000, has capital gains of $ 3,000, and receives interest…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: Answer with explanation are as follows.

Q: Jun, a minimum wage earner, works for a foundation. He is not engaged in business nor has any other…

A: Compensation Earner - an invidual whose income is depend entire on employee and employeer relation.…

Q: his parents. Malik earned wages of $2,500 and he had investment in

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

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…

A: Taxable income: It is the amount of income on which the tax liability of individual and corporation…

Q: In 2021, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…

A: Sergio is in full-time employment for a period of 9 months So it is deemed that he earned $500 per…

Q: Joyce is a widowed taxpayer whose husband Willard passed away on March 31, 2020. Joyce and Willard…

A: Based on the given data, Purchase cost of the home on September 12, 2004 = $215,000 Sale price of…

Q: Jane sued her employer for age discrimination. She was awarded $5,000 to cover the medical bills she…

A: Given,  $5,000 to cover the medical bills $20,000 to punish the employer for discrimination $10,000…

Q: Allen, 32 years old, withdraws $25,000 from his traditional IRA account which he plans to deposit…

A: Taxable income: It is the portion of the income that is subject to tax paid to state authorities…

Q: Meredith owns her own business. In 2020, she had business revenue of $268,450 and business…

A: Given that: In 2020, she had business revenue of $268,450 and business deductions of $75,900. She…

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: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020.…

A: FICA refers to Federal Insurance Contribution Act. As per this act, the employers as well as the…

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: John Jay, 45, is married and supports his mother, age 67. During 2019, he paid $1,300 for…

A: In order to reduce the tax payable , the tax payer claims an itemized deduction which is an…

Q: Marlene, age 52, is not married and has salary income of $210,000 during 2020. She pays for all of…

A: Marlene's regular Taxable Income Particulars Amount ($) Income from Salary 210,000 Income…

Q: Marik, age 17, is a dependent of his parents. Marik earned wages of $600 and had interest income of…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Elsie, single, had an AGI of $134,712 in 2020. All of her income was from wages. Elsie owns 100% of…

A: The rental real estate loss allowance is a United States federal tax deduction available to…

Q: Shellie, a single individual, received her Bachelor’s degree in 2019, and took a job with a salary…

A: SOLUTION- ACCORDING TO SECTION 80 E   IF YOU HAVE TAKEN AN EDUCATION LOAN TO FUND YOUR HIGHER…