Answered: What is the allowable child credit for…

Business

Accounting

What is the allowable child credit for H and W?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 15CE

See similar textbooks

Related questions

Q: Arthur and Cora are married and have 2 dependent children. They have a gross income of $92,500.…

A: The tax liability for the year 2020 of married and filed jointly assessees's should be determined by…

Q: Linda and Barry, a married couple has the following information for this year: • Linda's Earned and…

A: As per IRS rules, the maximum deduction per child for a qualified expense is limited to 3,000 and…

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: 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: 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: Quinn is single, age 52 and has the following income and expenses for 2020: Wages earned 40,000…

A: In the context of the given question, we are required to compute the adjusted gross total income of…

Q: Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021.…

A: Taxable income: It implies to the taxpayer's income that is subjected to tax charges.

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: [The following information applies to the questions displayed below.] Stephanie is 12 years old…

A: The rule of standard deduction for the year 2019 is as follows: $1,100 or$350 + Income…

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: Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and…

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

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: Brian and Kim have a 12-year-old child, Stan. For 2020, Brian and Kim have taxable income of…

A: Unearned income: It is the income earned from sources other than business activities, work or…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

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

A: AGI = $ 417,000 No.of Children = 2

Q: Required: Determine Gerald and Patty’s adjusted gross income for 2018. Determine Gerald and…

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

Q: In 2021, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time…

A: Earned income credit is a credit against the tax payable on taxable income. It is allowed to…

Q: Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the…

A: Child tax credit refers to those benefits that functions as a tax breaks or exemptions for the…

Q: During 2021, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

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: 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: John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a…

A: Qualified adoption expenses: - Adoption fees- Court and attorney fees- Travelling expenses- Other…

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: In 2021, Lucy and Evan Stuart have a daughter who is 2 years old. The Stuarts are full-time students…

A: Introduction: AGI begins with your gross income and is subsequently lowered by various "above the…

Q: Mark and carried married and they will file a joint breturn the both work full-time and their total…

A: Aubrey is a qualifying child as his age is below 13 years. It is not possible parents to take care…

Q: 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students…

A: Concept used: The taxpayer's Investment income in excess of $3,650 will not be eligible for earned…

Q: Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment…

A: GIVEN Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on…

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: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020,…

A: A tax credit is a monetary amount that taxpayers can deduct straight from their tax returns. Unlike…

Q: Diego, age 28, marred Dolor, age 27, in 2020. Their salaries for the year amounted to $94,000 and…

A: Tax is the liability paid to the government calculated on the income earned based on the tax…

Q: Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During…

A: Tax credits: Tax credit reduces the tax liability of the tax payer. Through tax credit an individual…

Q: Brendan and Theresa are married and have three children in college. Their twin daughters, Christine…

A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…

Q: Matt and Kate have an AGI of $200,000 and they file married filing jointly and claim two dependent…

A: For the tax year 2020, eligible taxpayers can claim a tax credit of $2,000 per qualifying dependent…

Q: Mr. & Mrs Grnager both work full time. They have three children ages 16, 6, and 3. In 2021, the…

A: Here the details of qualified expenses which can be used for claiming the child and depend care…

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: 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: Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI…

A: The tax liability is the total amount that is to be paid on the income earned by an individual,…

Q: Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a…

A: Education tax credit:- This tax credit helps in the cost of higher education by reducing the amount…

Q: Caroline is an unmarried single mother of a 14 year old son in 2020. Caroline's spouse and the son's…

A: Adjusted Gross Income (AGI) is calculated to measure the taxable income of the taxpayer. It is…

Q: What is the other dependent credit Mr. and Mrs. Vonce may claim on their 2019 tax return?

A: Income tax: - Income tax is the tax that is paid by the individual/firm/company when it earns…

Q: Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and…

A: Given information is: Social security benefits = $8000 Dividend Income = $13000 Interest Income =…

Q: Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an…

A: Answer :-The amount refer to the deductible contribution that should be made for Janet to her…

Q: Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to…

Q: In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time…

A: The formulation:

Q: Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for…

A: The maximum amount that can be claimed for child credit is $2,000 for each qualifying child for the…

Q: In 2020, Courtney, 16 and a dependent of her mother, had earned income of $4,000 and interest income…

A: Taxable income refers to the income which is subject to tax as per the government's regulations. All…

Q: Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020.…

A: All amounts are in dollars ($).

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

A: Child Tax Credit = $2,000 per qualifying child (who are under age of 17 years) The child tax credit…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: In order to qualify for the Child Tax Credit, the Child's age must be under 17 and Child Tax Credit…

Question

Lee & Marie are married and have four dependent children. At the close of 2020, the children, A, B, C & D, were ages 9, 12, 16 and 18 respectively. This year Lee & Marie reported adjusted gross income of $404,200. What is the allowable child credit for H and W?

a. $8,000
b. $7,750
c. $6,250
d. $0
e. $6,500

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
Greg died on July 1,2019 , and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income? $____________
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,000 in wages and $700 in interest in come. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. What is the amount of Jason and Mary's adjusted gross income?$____________ What is the amount of their itemized deductions or standard deduction? $____________ What is their taxable income? $____________
Xinran, who is married and files a joint return, owns a grocery store. In 2019 his gross sales were 276,000, and operating expenses were 320,000. Other In 2020, Xinran provides the following information: The 2019 married filing jointly standard deduction is 24,400; Xinrans itemized deductions will exceed the 2020 standard deduction (after adjustment for inflation). The medical expense AGI floor is 10% in 2019. a. What is Xinrans 2019 NOL? b. Determine Xinrans taxable income for 2020.
In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________