30. (LO8) If a taxpayer claims a federal childcare tax credit of $600 and federal AGI is $40,000, how much is the California childcare credit?
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30. (LO8) If a taxpayer claims a federal childcare tax credit of $600 and federal AGI is $40,000, how much is the California childcare credit?
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- D6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to $10,000. You are already choosing to itemize your deductions becaue of charitible contributions. You expect to pay $8,000 of state income taxes in 2021 and you are looking at the tax benefits associated with purchasing a single family home as your primary residence. You estimate that the mortgage interest in 2021 will be $15,000 and the property taxes will be $6,000. What is the tax benefit associated with homeownership if your marginal tax rate is 22%?Hw.68. what is the maximum earned income tax credit that a taxpayer can claim in 2021? $4,000, $1700, $2500, or $1502?(LO5) A CA resident taxpayer’s federal AGI is $84,500. The federal AGI includes a taxable California income tax refund of $2,100. The taxpayer also has City of Denver interest income of $400 and deducted Federal bonus depreciation of $670. How much is the taxpayer’s California AGI?
- Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question 31 options: A) Medicaid B) Social Security C) Medicare D) 401(k) retirement planWhat is 95875 with 12.5% income taxc. Compute Charlotte's child and dependent tax credit.Charlotte's child tax credit is $8,000, of which $ ______ may be refundable and her dependent tax credit is $1,000 of which $0 may be refundable. I understand where the $8,000 comes from and the where the $1000 comes from, However the one blank, nothing seems to work, )1000, 500, 2000, etc.)
- it is asking you for 30% of your realized income--I do not think you can add that to the deductions from State, FICA and FED. I would think you need to 2,800.00- 732.20= 2,067.80 2,067.80 is realized income--then you need 30% from that--I think--thoughts?(5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?12 If your state has a property tax rate of 0.063, and you pay $8,323 in property taxes every year, what is the assessed value of your property?
- Y8 what first triggers the calculation of the additional child tax creditProblem 17-32 (Algorithmic) (LO. 6) Wan's AGI last year was $274,000. Her Federal income tax came to $82,200, paid through both withholding and estimated payments. This year, her AGI will be $411,000, with a projected tax liability of $61,650, all to be paid through estimates. Wan wants to pay the least amount of tax during the year that does not incur a penalty. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Wan's total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: b. Assume instead that Wan's AGI last year was $92,000 and resulted in a Federal income tax of $18,400. Determine her total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: $1. What tax is used by the federal government to provide unemployment compensation to individuals who are out of work? Answer: A. FUTA B. SUTA C. Medicare D. Social Security 2. When completing Form 1096, the maximum number of types of Form 1099 that may be selected is _____. Answer: A. 1 B. 2 C. 3 D. 4 3. What is the FUTA tax rate in a state that has a 1.5% credit reduction? Answer: A. 1.2% B. 1.5% C. 2.1% D. 2.7%