nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she had interest income of $2,400 and $800 of earned income from babysitting. Annie's taxable income is:

Q: Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Compute the effect of…

A: Tax liability refers to the sum of money owed by an entity or an individual to the authorized…

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

A: There is a limit of set off of Long term capital loss during a limit with taxable income.

Q: Andrea has a taxable income of $46,760 and does not have a spouse. What is Andrea's gross tax…

A: Gross tax refers to the amount which is determined grounded on the aggregate amount of money the…

Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: Given : Mary's  age 70 and head of household (unmarried) Income =  $37,000 Exclusions =  $500…

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: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

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: Lacy is a single taxpayer. In 2021, her taxable income is $46,400. What is her tax liability in each…

A: Taxable Income $46,400 Less: Qualified Dividend ($9,400) Income Taxed at ordinary rates $37,000…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: In the following independent case determine the maximum amount of 2019 personal tax credits,…

A: The amount of tax credit is 15% of the lessee of: $2,000 The total pension income received…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: All amounts are in dollar ($).

Q: William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his…

A: Pay as you Go [PAYG] is the amount of tax withheld by the employer from the pay out of the employee…

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: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only…

A: Taxable income is the portion of a person's or a company's income that is used to calculate how much…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

A: The question is related to Federal Insurance Contribution Act shared equally by employer amd…

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

A:

Q: On February 1, 2021, Stephen (who is single) sold his principal residence (home 1) at a $100,000…

A: Here in this context Stephen sell the Home one with a gain of $100000 and exclude entire gain on the…

Q: Ben had $88,000 of income from wages and $4,350 of taxable interest. Ben also made contributions of…

A: Taxable income seems to be the part of an individual's personal or a firm's income which is used to…

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: A. . Her $44,600 of taxable income includes $3,600 of qualified dividend B. Her $44,600 of taxable…

A: Qualified dividend are taxed as capital gains. Therefore, total tax liability: On non dividend…

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: Huy, single, operates a sole proprietorship. In 2020, Huy's QBI is $74,348, and his modified taxable…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: Addison had $80,000 of income from wages and $1,850 of taxable interest. Addison also made…

A: Head of household can claim dependent allowance up to $2000 per child dependent on him in the year…

Q: Laura is calculating her personal exemption while filling out her 2021 tax form. How much is her…

A: Personal exemption of IRS (Internal Revenue Service) refers to the exemptions which can be claimed…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Benjamin is a taxpayer who qualifies because he has the following dependents: 17-year-old child…

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

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Taxpayer should pay higher tax amount between AMT and regular Tax. Total Income Tax under AMTI…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

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: 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: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer…

A: FICA is a U.S. There is a federal payroll tax. It stands for the Federal Insurance Contribution…

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: Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each…

A: Tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: Tax brackets were created by the IRS to determine how much money you need to pay the IRS…

Q: Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying…

A: Earned income credit: The earned income credit is a refundable tax credit for working couples and…

Q: In 2021, Meghann, a single taxpayer, has QBI of $138,400 and modified taxable income of $96,880…

A: The qualified business income deduction allows the taxpayer to deduct up to 20 percent of their…

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: , Martin had two employers during the year. Both employers withheld Social Security tax from his…

A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…

Q: Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes.…

A: Formula: AMTI = Taxable income + Real estate tax + State income tax

Q: 58, reports taxable income of $510,000 in 2021. His AMT base is $625,000, and his regular tax…

A: AMT Adjustment Explanation Because some tax items are treated differently for AMT purposes, a…

Q: Ross is single with an adjusted gross income of $67,100, and he uses the standard deduction for…

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

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

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

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was…

A: Given that, Paulina Morales is as single tax payer wage income = $68950 Her only other income =…

Q: n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of…

A: Every Individual who is earning more than the limit prescribed then person has to pay tax amount to…

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…