Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check for a total of $3,900.  They also made a voluntary contribution of $200 when a nephew was baptized on July 26, 2018.  Can Tim and Kate deduct this amount from the tax return for 2018?

Q: Jonathan transferred $90,000 of cash to a trust this year for the benefit of Hannah, age 10. The…

A: Gift tax According to Internal Revenue Service (IRS) gift tax may be applicable to any kind of…

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: 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: Thomas, who is 49 years old, received a distribution from his Roth account of his employer’s 401(k)…

A: The correct answer is (b) $40,000 taxable , $4000 tax penalty  Distribution of Roth account is…

Q: Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries…

A: Particulars  Amount ($) Salary received by Omran & Salama 150,000 Less: Interest on Capital…

Q: Rafael and Lucy, married taxpayers, each contribute $2,900 to their respective § 401(k) plans…

A: In case AGI ranging between $38,000 and $41,000 they may claim a credit  for their  retirement plan…

Q: What amount of gift tax applicable credit remains available to Norma in 2021?

A: The gift tax is a tax on gifts that must be paid by the taxpayer who gives significant money or…

Q: During the year, Rajeev makes the following transfers: $1,000 to his mayor’s reelection campaign.…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing…

A: Formula: Gross pay = All incomes including gifts - Contributions Deduction of Contributions fro the…

Q: How much is the total donor's tax due of Spouses Oredan?

A: Donation tax is the tax which has to be charged on the donations made during the year and the…

Q: For the tax year 2021-22, Arthur had employment income of £110,000. During the tax year 2021-22, he…

A: Lets understand the basics. As per HMRC,  If gift aid donation is made then 125% of the gift aid…

Q: Morgan contributes $6,000 in 2019 to her Roth IRA, how much can Seth contribute to his traditional…

A: There is no age of earning, one can start earning or investing at an initial stage. Investment is…

Q: withholdings. In addition to their other children, they adopted a 2-year old special needs child…

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: d. On September 30, 2018, Ridge loaned $150,000 to his mother so that she could enter a nursing…

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

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of \$42 ,800 and…

A: Answer: If Patricia elects to participate in the employer provided program and has her expenses…

Q: R and J were married in 2007. They have a five year old child and a son born December 16, 2018.…

A: Compute taxable Income of the year 2018 as follows:

Q: Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents…

A: Students who are going through a course of study that'll concluding lead to a degree and are still…

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

A: Standard deduction refers to the non-taxable portion of income. It is based on the age, filing…

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: Herb and Carol are married and file a joint tax return claiming their three children, ages 4, 5, and…

A: Solution:- Child tax credit (CTC) applies for child dependants below 17 years of age only. Hence…

Q: Donald, a wealthy banker, has a 24-year-old son, Junior, that has struggled to keep a job. In 2018,…

A: Calculate the maximum credit available.Tax liability of person J is considered as the maximum credit…

Q: Every year, John makes a donation to the United Way. She gave $3,250 in 2020. Calculate her…

A: Donations: Donations are the amounts made to charitable institutions like public trusts,…

Q: Julio and Maria Gomez are retired and they live at 567 Ono Way, Cambria, CA 94457. Julio's Social…

A: One of the official forms used by U.S. taxpayers to file their annual income tax returns is the IRS…

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: Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of…

A: Please find the answer to the above question below:

Q: Evan and Eileen Carter are husband and wife and file a joint return for 2018. Both are under 65…

A: Dependency exemption: The deduction allowed for the care and maintenance of qualifying dependent is…

Q: Calculate Otto’s self-employment tax Calculate the employer’s portion of the nanny tax that they…

A: Self-employment tax: Tax paid by the owner of the small business entity to fund the Medicare and the…

Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question…

Q: Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as…

A: Donor's tax refers to the tax which is paid by the who does a gratuitous transfer the value of which…

Q: In December of 2018, Jack made a gift of $2,000,000 to Suzy. At the same time in December of 2018,…

A: Taxable gifts refer to the amount or resources which are provided by the taxpayer to another person…

Q: Anne and Stuart are married and will file a joint return. In 2022, they donated $700 in cash to…

A: Standard deduction is the amount which is deducted from the income before calculating the income…

Q: Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In…

A: Given information is: Contribution to HSA = $100 per month One time contribution = $2000 Used for…

Q: Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL…

A: As per IRS, the net operating losses are the excess of tax-deductible expenses over taxable revenues…

Q: of $4,000,000

A: Gift rupees= $4,000,000.

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: john's employer gave him gifts during 2020 and he's wondering what the tax impact will be to him. He…

A: As per income tax, a gift is any asset received by an individual or other without giving any…

Q: During the 2020 tax year, Frank (age 65) and Betty (age 63) paid the following medical expenses:…

A: Form 1040: It is a tax return form that is filled by an individual in the US who is following IRS…

Q: Jayana, a calendar-year taxpayer, uses the cash method of accounting for a sole proprietorship. In…

A: Under the cash basis of accounting, the expenses are accounted for in the period in which they are…

Q: How much of the above amounts is Frank entitled to deduct?

A: Tax: Tax is a percentage of income of individual or a company which is collected by the government…

Q: Chester is single and paid the following items / taxes in 2020: • Paid $ 6,100 to his township for…

A: A taxpayer in the United States of America can either claim standard deduction on the amount of his…

Q: Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In…

A: Tax refers to the amount charged by the government from the individual and organization on the…

Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Melba, age 58, takes a $12,000 distrubtion from her traditional IRA. She uses the distribution to…

A: Given, Melba, age 58, takes a $12,000 distribution from her traditional IRA, She uses the…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of $42,800 and…

A: It is the tax credit available from the government to the tax paying parent who have dependent child…

Q: Kathleen and Glenn decide that this is the year to begin getting serious about saving for their…

A: Answer a: Eligible contributions are limited to $5,000 per year for each individual. If Glenn and…

Q: How much of Darlene's distribution is subject to the 10% additional tax?

A: A traditional IRA refers to the retirement account of an individual where he could make…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.