Which of the following statements is correct?   Husband and wife in different far places may file separate tax returns. Individuals who are self-employed report a taxable income only at the end of the year. Individuals who are self-employed file three quarterly income tax returns and an annual income tax return. An income tax still due from one spouse and an income tax refundable from the other spouse will give one net income tax due or one net income tax refundable in one income tax return.

Haresh

Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000

Please answer these two questions correctly. Refer to Publication 15-T for answers

Juliana filed her first quarterly return without any signification on any optional schemes. Which of the following is the default tax treatment on her taxable income? A. ad valorem rate using itemized deductions B. progressive rates using itemized deductions C. ad valorem rate using optional standard deduction D. progressive rates using optional standard deduction

Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $28,000. Their total income fr wages is $271,800. Assume the following tax table is applicable: Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 What is their marginal tax rate? O a. 22.0% O b. 12.0% O c. 35.0% O d. 24.0% O e. 32.0% $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on Average Tax Rate at Top the Excess over the Base of Bracket 10.0% 10.0% 12.0 11.5 22.0 17.1 20.4 22.8 26.9 37.0 24.0 32.0 35.0 37.0

Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax liability for the current year will be $⁢36,000, and her current withholdings are $⁢18,283. She is advised to determine her quarterly payments by subtracting her current withholdings from her predicted total tax liability and dividing by four. What is a good estimate for Adelaide to use for her quarterly payments?

a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,800 before considering their Social Security benefits, no tax-exempt interest, and $13,930 of Social Security benefits. As a result, s of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16,000 before considering their Social Security benefits, no tax-exempt Interest, and $17,600 of Social Security benefits. As a result, of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $119,500 before considering their Social Security benefits, no tax-exempt interest, and $17,925 of Social Security benefits. As a result, s of the Social Security benefits are taxable.

Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,500. Their total income from wages is $282,000. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00   10.0% 10.0% $19,750-$80,250 1,975.00 12.0    11.5    $80,250-$171,050 9,235.00 22.0    17.1    $171,050-$326,600 29,211.00 24.0    20.4    $326,600-$414,700 66,543.00 32.0    22.8    $414,700-$622,050 94,735.00 35.0    26.9    Over $622,050 167,307.50 37.0    37.0    What is their marginal tax rate?   a. 35.0%     b. 32.0%     c. 12.0%     d. 24.0%     e. 22.0%

Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $27,500. Their total income from wages is $233,400. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00   10.0% 10.0% $19,750-$80,250 1,975.00 12.0    11.5    $80,250-$171,050 9,235.00 22.0    17.1    $171,050-$326,600 29,211.00 24.0    20.4    $326,600-$414,700 66,543.00 32.0    22.8    $414,700-$622,050 94,735.00 35.0    26.9    Over $622,050 167,307.50 37.0    37.0    What is their marginal tax rate?