SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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- Margaret, age 65, and John, age 62, are married with a 23 -year-old daughter who lives in their home. They provide over half of their daughter's support, and their daughter earned $4,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can/cannot be claimed as a dependent because: She cannot be claimed because she is over 19 and not a full-time student. She can be claimed because she is a qualifying child. She can be claimed because she is a qualifying relative. She cannot be claimed because she fails the gross income test.arrow_forwardJane and Robert Brown are married and have eight children, all of whom are eligible to be claimed as the couples dependents. Robert earns 196,000 working as senior manager in a public accounting firm, and Jane earns 78,000 as a second-grade teacher. Given their large family, they live in a frugal manner. The Browns maintain a large garden and some fruit trees from which they get most of their produce, and the children take family and consumer science classes so that they can help make the familys clothing. The Browns record no gross income other than their salaries (all of their investment income is earned from qualified retirement savings), and their itemized deductions are less than the standard deduction. In addition, they incur no additional adjustments or preferences for AMT purposes. a. What is the couples 2019 regular tax liability? b. What is the couples 2019 AMT? c. Express the calculation of the couples AMT for 2019 as a Microsoft Excel formula. Place any parameter that could change annually in a separate cell, and incorporate the cell references into the formula.arrow_forwardKathy and Brett Ouray married in 2001. They began to experience marital difficulties in 2015 and, in the current year, although they are not legally separated, consider themselves completely estranged. They have contemplated getting a divorce. However, because of financial concerns and because they both want to remain involved in the lives of their three sons, they have not yet filed for divorce. In addition, their financial difficulties have meant that Kathy and Brett cannot afford to live in separate residences. So although they consider themselves emotionally estranged, they and their three sons all reside in a single-family home in Chicago, Illinois. Although Brett earns significantly more than Kathy, both contribute financially to maintaining their home and supporting their teenage sons. In one of their few and brief conversations this year, they determined that Brett had contributed far more than Kathy to the maintenance of their home and the support of their sons. Thus, Brett has decided that for the current tax year, they will file separate Federal income tax returns and that he will claim head-of-household filing status. Although they live under the same roof, Brett believes that he and Kathy should maintain separate households. Given this fact and the fact that he provides significantly more for the support of their sons, he believes that he is eligible for head-of-household filing status. Advise Brett on which filing status is most appropriate for him in the current year. His address is 16 Lahinch, Chicago, IL 60608.arrow_forward
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