Antoine Jones is single with two dependent children. During 2021, he has gross income of $99,800, deductions for AGI of $3,000, itemized deductions ofand$13,500 and tax credits of $4,000. Antoine had $7,895 withheld by his employer for federal income tax. They have total tax of San amount due/refund of $(Use the tax tables in Appendix D)

Tax rate on single for 2021:Taxable Income Tax liability$0-9,875 10%…

Answered: Antoine Jones is single with two…

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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In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation controlled by his father. In addition, he has income of $18,100 from his contracts. Assume her only available personal tax credits are the basic personal amount and the dividend tax credit. Determine his 2021 federal income tax payable Basic claim amount 2021 is $13,808
In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax (TMT) to be $36,300. Additionally, Brenda holds an alternative minimum tax credit of $6,200 from 2014. What is Brenda's total 2018 Federal income tax liability? Oa. $36,300. Ob. $30,100. Oc. $32,500. Od. $26,300.
In 2022, Miranda records net earnings from self-employment of $195,200. She has no other gross income. Determine the amount of Miranda's self-employment tax and her AGI Income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s 28,650 X and she has as 28,650 X deduction for AGI.
Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross receipts during the year were $111,000. He uses the cash method of accounting. His business expenses are $68,890. Assume the QBI amount is net of the self-employment tax deduction. What is he qualified business income deduction for 2020?
Henry files as a single taxpayer. In 2020 his taxable income was $95,525. Using the tax rate schedule in Chapter 3, what is his tax liability for the year? (Be sure to use the 2020 rates. If you don't have the textbook, find the 2020 "tax rate schedule" for single taxpayers online)
Kenneth owns Sheffield Company and has the following revenue and expenses. Calculate the after-tax net profit (ignoring self-employment tax) for Kenneth who is single in 2023. Taxable revenue received $117,000 Tax-exempt revenue received $15,000 Deductible expenses paid $23,000 Non- deductible expenses paid $5,000
Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax tables and using the tax rate schedule. Why is there a difference between the two amounts?
Jeremy (unmarried) earned $101,000 in salary and $6,050 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $24,060 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.) Required: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,020. What is Jeremy's tax refund or tax due including the tax on the capital gain? c. Assume the original facts except that Jeremy has only $7,100 in itemized deductions. What is Jeremy's tax refund or tax due?
Khalid Khouri is married, has a gross weekly salary of $689 (all of which is taxable), and claims two withholding allowances. Use the tax tables to find the federal tax withholding to be deducted from his weekly salary. Click the icon to view the Married Persons-Weekly Payroll Period. The withholding tax is $ Portion of IRS Withholding Table for Married Persons Paid Weekly MARRIED Persons-WEEKLY Payroll Period (For Wages Paid Through December 31, 2016) 0 1 And the wages are-And the number of withholding allowances claimed is 5 4 2 3 At least But less than The amount of income tax to be withheld is $4 SO SO $680 $59 $47 $35 $28 $20 $12 5 d q 21 13 690 60 49 37 29 $670 680 Print Done 9 10 $0 $0 0 0 X
[The following information applies to the questions displayed below.]Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld $11,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $8,050. What is Jeremy’s tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) [The following information applies to the questions displayed below.]Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld $11,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one…
In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.
Jermaine and Alysha are married and have combined W-2 income of $87,466. They received a refund of $431 when they filed their taxes. How much income tax did their employers withhold during the year? Use the appropriate Tax tables or Tax rate schedules. Multiple Choice $6,547. $7,409. $10,468. Cannot be determined with the information provided.

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