Mr. and Mrs. David file a joint tax return. They have $169,300 taxable income in 2019, $120,300 of which isordinary income and $49,000 of which is taxed at a 15% preferential rate. Compute their tax savings from thepreferential rate.A) $7,032B) $3,448C) $10,798D) None of the above.

RateFor Married Individuals Filing Joint Returns, Taxable Income Over10%Up to $19,400 12%$19,401 to…

Answered: and Mrs. David Tile

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son
Please help me. Thankyou.
Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N. E. 13 th street, Miami, FL 33127. Additional information about ms Lincoln is as follows:Social security number: 412 34 5670Date of birth : 1 / 14 / 1982W 2 for Marie shows these amounts:Wages ( box 1) = 43.600Federal W / H ( box 2) = 2.488Social security wages ( box 3) = 43.600Social security W / H ( box 4) = 2703.20Medicare wages ( box 5) = 43600Medicare W / H ( box 6 )= 632Form 1099 - INT for Marie shows this amount :Box 1 = $ 500.000 from A & D Bank.Dependent: Son Steven is 10 years old. His date of birth is 5 / 11 / 2009 . His social security number is 412 34 5672. Marie is an administrative assistant.Required.Prepare the tax return for Ms Lincoln using the appropriate form. She is entitled to a 2000 child tax credit. For now, enter the credit on line 13 a, page 2 of the 1040. She wants to contribute to the presidential election campaign. Ms Lincoln had qualifying health care coverage at all…
2
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…
her husband didn’t have any income, can i add him as a dependent ?
Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…
Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380 0 105 0 20.000 8290 Personal Income/Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books 18.000 MU 1. Additional Information: without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd P4.3. (Trust) favor of Pedro. The following data were provided: Gross income of the trust Deductible business expenses of the trust Income distributed to Pedro during the year Dividend income from domestic corporation Dividend income from resident foreign corporation Interest income from U.S. $ deposits Interest income from peso deposits P3,000,000 1,800,000 200,000 100,000 100,000 200,000 100,000 Personal Income and Expenses of Pedro Compensation income Rental income (net) Rental expenses Royalty income, books Other royalty…
3. The DE partnership is equally owned by Diana and Emily. Diana's fiscal year ends on March 31, and Emily's fiscal year ends on August 31. a. Please name or describe the three tests/tiers to determine a partnership's year end. b. Please use the appropriate tests and tell me DE's appropriate year end.
45. Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death. Which one of the following is a correct statement regarding use of a beneficiary deed in this situation? A) A beneficiary deed can only transfer personal property at death. B) She will incur gift tax if she records the deed. C) If she uses a beneficiary deed, she will not be able to live in the house until her death. D) If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.
If Juan has an 18 year old son who is studying Agriculture Engineering, can Juan's son be a CARP beneficiary?a. Upon graduationb. Noc. Upon retirements of Juand. Yes
38. Which of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse

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