Joan, a single mother, has AGI of $92,000 in 2023. In September 2023, she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2023? O a. $1,250 O b. $0 O c. $2,500 O d. $2,125 Oe. Some other amount
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- Qualifying Dependents (LO 1.6) What is the total dollar amount of personal and dependency exemptions a married couple with two children (ages 11 and 17, both of which are qualified children) and $80,000 of adjusted gross income would deduct in 2023? $0 What is the total child and other dependent credit that could be claimed (before any advance payments or limitations)? 2,000 X Feedback Check My Work In December 2017, The Tax Cuts and Jobs Act or TCJA was signed into law. This is the most dramatic change to the tax code since 1986 and thus affects the tax rules in important ways.Education Tax Credits (LO 7.5) Janie graduates from high school in 2022 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,600 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $172,200, what is the American Opportunity tax credit they can claim for Janie?Data: In 2020, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband - AGI $165,500. Question: What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books ? Thx, Stephanie
- Self-Study Problem 1.7 What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,400 for single taxpayers and $2,800 for married, filing jointly taxpayers. An additional $1,400 is allowed for each qualifying child. 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2021. In 2021 they received an EIP of $4,200 based on their filing status and having a dependent child at the end of 2020. 2. Phoebe was a dependent taxpayer in 2020 and had not filed a tax return. In 2021, she failed to request and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 3. Mahima received a $1,400 EIP in 2021. Due to the birth of her son in 2021, Mahima was classified as a head of household taxpayer with AGI of $47,000. 4. Jane and Marshall file jointly in 2021 and claim two dependents. They received a $5,600 EIP in 2021. Jane received a large bonus in…Assume the couple John and Helen want to fund a college education for their son, William, age 2. William will attend college starting at age of 18. He needs $90,000 available at age 18 for his college expense. The couple feels they can make 6% after-tax return annually in a 529 education fund. How much do they need to deposit today to meet their goal? Assume the couple John and Helen want to fund a college education for their son, William, age 2. William will attend 4 years of college starting at age of 18. He needs $60,000 available at age 18 for his college expense. Starting from now, the couple plans to invest $3000 to the 529 education fund at the end of each year. What rate of annual return do they need to achieve?Self-Study Problem 5.4 For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2021. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. X b. During 2021, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda can contribute to the Section 401(k) plan on a tax-deferred basis? $ 10,000 If Linda's salary was $125,000, instead of $40,000, what is the maximum amount that she could contribute to the Section 401(k) plan on a tax- deferred basis? X
- Q4/ Maryam need an amount of OMR 2000 to go on vacations with her husband at the end of each year for 5 years. For this purpose she wants to invest some money in a saving bank but does not know the exact amount of money to invest. What amount does she require to invest now to receive an income of OMR 2000 at the end of each year for 10 years if the interest rate is 7percent Select one: a. 7266.08 b. 5200.50 c. 8000.08 d. 8200.39Saved Help Save & Exit Submit Check my work Jorge and Anita, married taxpayers, earn $153,500 in taxable income and $43,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $103,500 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $103,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate % 2:38 AM ENG 1/26/202QUESTION 2 Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year. Find, 1. Total Assessable Income2. Total Taxable Income3. HELP repayment amount 4. Medicare Levy 5. Medicare Levy Surcharge 6. Total Tax Liability7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)
- Problem 9-19 (LO. 2, 3, 4, 5) Taylor, age 18, is a dependent of her parents. For 2023, she has the following income: $6,250 of wages from a summer job, $800 of interest from a money market account, and $300 of interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is s b. Compute Taylor's "net unearned income for the purpose of the kiddie tax. Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]Aaron income credit, child independent credit lesson 7.2, 7.3 Clarisa unmarried tax with two dependent children, ages 10 and 12. I read Clara pays $3000 and qualified childcare expenses during the year if her adjusted gross income from wages for the year is 21,400 and she takes it standard deduction, calculate Clara earn income created in child dependent care credit for 2023 income is out liability credit in order tax liability dependent care credit earn income creditProblem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $380,600 of self-employment income and Ruth has a self-employment loss of $28,700. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2021 income tax return? If required, round your final answer to nearest dollar.
