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- Problem 8-70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Problem 8-70 Part a (Algo) a. His AGI is $103, 300. b. His AGI is $431,000. EXHIBIT 8 - 8 Child Tax Credit Phase - Out Threshold only typed solutionQ 4 Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership. PLEASE EXPLAIN AND ELABORATE THE ANSWER NOT LESS THAN 400 WORDS. THANK YOUQ 3 Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership. PLEASE EXPLAIN AND ELABORATE NOT LESS THAN 400 WORDS. THANK YOU.
- Which of the following statutes are intended to provide for the needs of a surviving spouse or dependent children? 1. Omitted child statute 2. Disclaimer statute 3. Spousal elective share A) I only B) I and III C) II and III D) III onlyQuestion 5 5. Provide instances whereby a taxpayer can claim child relief according to Section48(1) of the Income Tax Act 1965. Explain and elaborate the question with relevant examples. Thank you. If couldn't answer don't reject, let others to answer. Thank youProblem 3-37 (LO. 3, 7) Question Content Area Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Determine the following:Taylor's standard deduction for 2022 is $fill in the blank a3fdd107d05dff8_1. Taylor's taxable income for 2022 is $fill in the blank a3fdd107d05dff8_2. Question Content Area b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.$fill in the blank 03fd17f9ef9a055_1 Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]$fill in the blank 03fd17f9ef9a055_2
- Exercise 12-19 (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $440,000.His additional Medicare tax is $fill in the blank 1. b. George and Shirley are married and file a joint return. During the year, George earns wages of $138,000, and Shirley earns wages of $210,000.Their additional Medicare tax is $fill in the blank 2. c. Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer.Simon's additional Medicare tax is $fill in the blank 3.Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2Aa.43. Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,050 in child care expenses so that she would be able to work. Of this amount, $540 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,100 from her jewelry business. In addition, she received child support payments of $20,100 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
- Problem 7-6Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2023, Diane's wages are $21,000 and she receives dividend income of $1,200. Other Than Joint Filers Joint Filers QualifyingChildren Phase-outBegins Phase-outEnds Phase-outBegins Phase-outEnds None $9,800 $17,640 $16,370 $24,210 1 21,560 46,560 28,120 53,120 2 21,560 52,918 28,120 59,478 3 or more 21,560 56,838 28,120 63,398 Calculate Diane's earned income credit using the EIC table in Appendix B.Question #83 of 85 Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues? A) Have each spouse draft a will disinheriting the other B) Have the families enter into a family settlement agreement C) Have Henry and Rita title all of their assets as JTWROS after they get married D) Have Henry and Rita execute a premarital property agreementProblem 7-6Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2021, Diane's wages are $18,900 and she receives dividend income of $900. Diane’s 2019 earned income was lower than 2021. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $11,610 $21,430 $17,560 $27,380 1 19,520 42,158 25,470 48,108 2 19,520 47,915 25,470 53,865 3 or more 19,520 51,464 25,470 57,414 Calculate Diane's earned income credit using the EIC table in Appendix B.$fill in the blank 1
