Santiago and Amy are married and file a joint tax return claiming their three children, ages 12, 14, and 18, as dependents. Their AGI is $140,000. Santiago and Amy's child tax credit and dependent tax credit is $ 4,000 X.

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: Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur…

A: The investment represents the employment of funds to something from where the company would get some…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…

Q: Fred, age 67, and Freda, age 66 and blind, are married and will file a joint return for 2020.…

A: Income from Wages and Salaries are fully taxable and reported in the return. Interest income is also…

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: Anthony and Susan are married filing jointly. Their combined income is currently $98,000. Both have…

A: Increment of 8,500 will push the taxable income to the level of = Old income + increment = 98,000 +…

Q: Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is…

A: Dependent & Child Care Credit   Requires care for a dependent child (under 13 years) or disabled…

Q: In 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security…

A: For married and filing jointly taxpayers, the tax slab rate for $36,000 (AGI) is $1,845 + 15% of…

Q: Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of…

A: Compute the Social security benefits taxable amount.   Lesser of the following amount is the taxable…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They…

A: Tax liability is the amount of taxes that need to be paid to the government.

Q: Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with…

A: To qualify for child tax credit (CTC) child’s age must be below 17 years (e.g. 16 or younger).2019,…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13.…

A: For the 2020 tax year, the child tax credit is $2,000 per qualifying child. The threshold limit for…

Q: Charles and Ann are married, file a joint tax return, and report AGI of $135,300. They have two…

A: Child tax credit is the credit amount received to the individuals who have dependent children and…

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: 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: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: SOLUTION CALCULATION- PARTICULARS AMOUNT INCOME  235300 LESS - ITEMIZED DEDUCTIONS  -27750…

Q: Jason and Peggy are​ married, file​ jointly, and have one dependent​ (12-year old qualifying​…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Jill and George are married and file a joint return. They expect to have $425,000 of taxable income…

A: Answer a: If taxable income is $425,000, the marginal tax rate as per the given table is 35%. When…

Q: Declan and Olivia are married and will file a joint tax return. Olivia has a sole proprietorship…

A: a) Taxable income before QBI deduction = $389800 QBI deduction = 20% of taxable income…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses.   Explanation: Annual gross income of Jim…

Q: Harry and Wilma are married and file a joint income tax returm. On their tax reftun, they report…

A: Given that : Harry and Wilma paid qualifying expense for child care $17,000 for 2 children. So as…

Q: a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of…

A: Determining the amount of social security subject to taxation for married and filing returns…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Stan has more than $2,100 unearned income, kiddle tax rates will be applicable on her income.

Q: Mr. Bennett makes about $180000 a year. How much would he and his wife have to pay on taxes if they…

A: Taxation is the process of payment of a certain percentage of the income in a financial year to the…

Q: Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children.…

A: Concept used: Maximum up to tax liability or Actual paid or 2500 whichever amount is lower will be…

Q: Mr. and Mrs. Montgomery are filing a joint tax return. While listing their deductions, they find…

A: The standard deduction is the amount of untaxed income that can be utilised to lower your tax…

Q: Frankie lives in NJ, is divorced with one child, and made $80,000 last year. He qualified for…

A: Taxable income is the part of gross income which is taxable by the government, calculated by adding…

Q: In 2018, Lisa and Fred, a married couple, had taxable income of $337,500. If they were to file…

A: Compute the tax liability - separate filing   Lisa [$14,089.50 + ($137500-$82500) x 24%]…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

A: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

Q: Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last…

A: Every individual earning any form of income is liable to pay tax to the Government on the income…

Q: Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their…

A: You have the option to file either as single individual Filers or as married couples. So marriage…

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: 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: Ed and Wendy are a married couple. They have a five-year-old son. They each earns $60,000 per year,…

A: A penalty usually occurs in low or high earning households. Couple who earns somewhere in between…

Q: . Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400. Mary…

A: The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 well beyond what…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $84,700 last year. They…

A: Income tax: It refers to a financial charge imposed by the government on the taxable income of the…

Q: 18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125,…

A: Internal revenue services: It is  the income administration for the United States central…

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: a. Bristol, who is single, has AMTI of $608,600. Her AMT exemption is $ X. b. Marley and Naila are…

A: AMT exemption amounts for 2021 (for taxes due in April 2022 or in October 2022 with an extension)…

Q: Marc and Michelle are married and earned salaries this year of $65,600 and $12,600, respectively. In…

A: Adjusted gross income, or AGI, starts with your gross income, and is then reduced by certain…

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: Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500.…

A: working notes : NET Tax credit =Tax credit*number of child =2,000*2=4,000

Q: Terrance and Louise are married and file a joint return, and they have one daughter who is their…

A: Series EE savings bonds are zero-coupon bonds that do not carry any interest but the difference…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: Calculation of taxable income Particulars Amount Gross income 168300 Less: itemized deduction…