Elijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons­ and daughters­-in-­law) without using any of their unified transfer tax credit?

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: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent and Independent tax payer Dependents can include infants or any other family members who…

Q: Danny is a single taxpayer and has taxable income of $125,000 for 2020. If Danny anticipates a…

A: Marginal tax rate is the system of taxation which is applicable in US. When the income of the person…

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: rge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: Taxable income is to be taxed as per the schedule given for married as above. Interest on bonds…

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: Leonardo , who is maried but files separatley, earns $64,000 taxable income. He also has $16,800 in…

A: The tax rate that applies to each tax bracket of a taxpayer's income or other taxable income 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: 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: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…

A: Marginal tax rate: It is the rate at which assessee 's incremental dollar in taxable earnings is…

Q: MT adjustments, Adam and his wife Cindy have AMTI of $1,090,000. If Adam and Cindy file a joint tax…

A: The AMT is adjusted and explained. Because certain tax items are taxed differently for AMT, a…

Q: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: Federal income tax withholding:   The amounts which the employer withheld from employees’ gross pay…

Q: Barry and Madison plan to marry in December 2019. Barry​'s salary is $60,000 and he owns his…

A: As you have already answered the starting subpart, so i am only answering the last subpart. Tax: It…

Q: Sean, who is single, received social security benefits of $8,480, dividend income of $12.610, and…

A: In the given scenario, the combined gross income for Sean is :  = Social Security benefit + Dividend…

Q: what is the maximum amount they can give to the family (including the sons- and daughters-in-law)…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15,000 to…

Q: 1.Ian, 37, and Isabella, 36, are married and file a joint tax return.  They have one child, Ingrid…

A: Gross profit refers to the amount of money earned by a company or an entity in a desired financial…

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: 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: A married couple made the following tax payments in 2020. Property tax on real estate $7,000 State…

A: Tax deduction is the deduction that lowers the tax liability of an individual or a married couple.

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: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Mary gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable…

A: Assessable income is defined as any amount that fits the following criteria: ordinary earnings (…

Q: Elijah and Anastasia are husband and wife who have six married children and eight minor…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: In 2018, Max is 85 years of age and single. He received Social Security payments totaling $14,000…

A: For 2018 attached are the tax brackets for those filing as singles. IRA is taxable till $6500 for…

Q: Elijah and Anastasia are married and have six married children and eight minor grandchildren. For…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15000 to…

Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…

A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…

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: What is the maximum amount that Terry and Jennifer may each deduct for contributions to their…

A: Pension plan: Pension plan can be defined as the plan where both employer and employee contribute…

Q: Henrich is a single taxpayer. In 2020, his taxable income is $450,000. What is his income tax and…

A: Income tax liability: It is the amount of tax a taxpayer is liable to pay on the taxable income…

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

A: 14-year child can get a child tax credit i.e $3,000 And 18 year old can be claimed as dependent i.e…

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: In 2020, Ashley earns a salary of $ 55,000, has capital gains of $ 3,000, and receives interest…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

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 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s…

A: Self-employed tax is a combination of social security tax and Medicare taxes. The self-employment…

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: 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: 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: married and have 2 children. Azza has a salary  of £  54000 pa and has paid £ 1800 (net) under the…

A: Child Benefit rate refers to the allowance paid by the separated parent (father) of the child to the…

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

A: Federal income tax liability is the tax on the earned income that is to be paid to the federal…

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: Melissa sold some of her Bitcoin in 2021 for a $200,000 long-term capital gain, bringing her total…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: 3. For the 2020 tax year, Nancy, a single taxpayer, receives $12,000 in Social Security benefits.…

A: For the 2020 Tax Year percentage of Social Security Benefit is Taxable if  Income is Less than 25000…

Q: PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her…

A: Gross sales amount, in this case, means the amount received from the total number of transactions at…

Q: sing property she inherited, Lei makes a 2020 gift of $16,200,000 to her adult daughter, Doris.…

A: Under section 2513, the compliance and tax regulation related to gift tax and estate tax is given.…

Q: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…

A: American Opportunity Tax Credit (AOTC): $2500 Credit per person if paying $4000 of education…

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: 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…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.