Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salar of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the Components of the tax formula to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. X b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ 2022. c. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $ crodit in d 8,000, of which $ 000 ✓ of which t X fo X may be refundable and her dependent tax may be refundablo
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salar of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the Components of the tax formula to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. X b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ 2022. c. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $ crodit in d 8,000, of which $ 000 ✓ of which t X fo X may be refundable and her dependent tax may be refundablo
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 42P
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Transcribed Image Text:Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who
live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest
on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary
of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of
$10,500.
Click here to access the Components of the tax formula to use, if required. If an amount is zero, enter "$0".
a. Compute Charlotte's taxable income.
X
b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $
2022.
c. Compute Charlotte's child and dependent tax credit.
Charlotte's child tax credit is $
credit is $
8,000 ✓, of which $
1,000 ✓of which $
0
X for
X may be refundable and her dependent tax
may be refundable.
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