Barbara purchased a new Honda Clarity electric vehicle in 2019 for $36,000. Her federal tax credit will be:a. $0b. $2,500c. $5,000d. $7,500e. $10,000

Q: what is the amount subject to income tax on his current tax return?

A: Since she has received only 4 installments in current year, we must segregate the installment…

Q: Income Tax Credits (LO. 6) Brendan and Theresa are married and have three children in college. Their…

A: The tax credits are referred to as credits provided by tax law that reduce the income tax liability…

Q: a. If you are in the 32 percent tax bracket, how much will you save in taxes for the current year?…

A: A charitable donation is a freely given gift of cash, products, or services to a nonprofit…

Q: D6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to…

A: Solution:- Given, Standard deduction of 2021 = $12,600 Deductions for state and local taxes are…

Q: taxable income from 1st january 2021 to 30th June.

A: After deducting all the eligible deductions from the total income earned by the individual, the…

Q: The Net Income of Mr. Richard was £130,000 during the tax year 2019-2020.  He travelled 10,000 miles…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Q: Mr. Jacob Marley is single with no children and takes the standard deduction and one exemption.  If…

A: Annual Income - $81400 Single Standard Tax Deduction - $6300 Personal Exemption Amount - $4050

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: In 2020 a married couple filing jointly has AGI of $100,000. The following information applies to…

A: An itemized deduction appears to be a tax break that a person can claim on their tax return to lower…

Q: Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is…

A: A tax credit is the claimable amount depending upon the case and individuals involved. These…

Q: Using the EIC tables calculate the amount of her 2022 earned income credit.

A: Given in the question: Earned Income = $8,500 Adjusted Gross Income = $10,000 The year is 2022 It…

Q: Education Tax Credits (LO 7.5) Janie graduates from high school in 2022 and enrolls in college in…

A: A tax is a compulsory contribution or financial charge levied by the government on the income earned…

Q: Mrs. Jasper has agreed to buy a home with a mortgage (loan) of $354,000. Her monthly payments are…

A: We know that Total amount of monthly Installment is sum of principle plus Interest. Total amount…

Q: Please answer with explanation. I will really upvote.

A: INTRODUCTION No - Calc :  The final two quarterly installments are based on the tax paid in the year…

Q: Using the IRS’s “Sales Tax Deduction Calculator” (and Google?), determine the optional sales tax…

A: (1) Timmy and Tammy, MFJ, living in Richardson, Dallas (ZIP - 75080) with 4 dependents and having…

Q: The maximum amount a taxpayer may claim for the lifetime leaming credit is:

A: The answer is: (A) $2,000 per return  The lifetime learning credit is a tax credit that helps…

Q: Lawanda has been making payments on her federal student loan on an income-based repayment plan for…

A: Tax is a charge which is charged on the taxable income a taxpayer. There are various ways a taxpayer…

Q: $800 $1,500 $700 $0

A: Basic Concept of Direct and indirect tax

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: * As per the bartleby guidelines, in case of interlinked question answer first 3 only You are…

Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…

A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…

Q: This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was…

A: Taxable income is the basic income that is subject to taxation. It includes some or all of the…

Q: He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day,…

A: Emoluments Gross Emoluments which includes salary and other compensatory benefits and other…

Q: Jessica purchased a home on January 1, 2023, for $570,000 by making a down payment of $230,000 and…

A: The maximum amount of interest that can be claimed as deduction for the interest on loan is…

Q: Question 5 of 6. Each of the foliowing taxpayers purchased furniture online in September of 2022,…

A: A conditional sales tax is referred to as a use tax. When a sales tax is typically imposed in the…

Q: Ally wishes to leave a provision in her will that $6,000 will be paid annually in perpetuity to a…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: July 2020, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the…

A: There are taxes on the capital gains that is to be paid but the tax on the capital gains depends on…

Q: In 2021, Harry paid $15,000 of tuition for his son Drew (19) to attend school at the University of…

A: Opportunity Tax Credit The American Opportunity Tax Credit is a tax credit that can be used to…

Q: Jeri purchased an annuity contract for $18,600 ($50/month for 15.5 years). The contract began paying…

A: Annuities are the uniform annual payments that are being paid over the period of time of annuity but…

Q: What is Mary's year 1 deduction

A: Deduction refers to the process of subtracting certain expenses or allowances from one's taxable…

Q: Lawan has been making payments on her federal student loan on an income-based repayment plan for the…

A: Tax is a charge which is charged on the taxable income a taxpayer. There are various ways a taxpayer…

Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: Lily is excited because she is getting a company car. Her employer is purchasing a car for $35,000.…

A: Operating expenses paid by the employer = 3800 Taxable benefit to the employee = operating expenses…

Q: Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and…

A: First we need to calculate PV annuity factor for loan to calculate monthly payment. Since payment is…

Q: M acquired a home in 2015 for $300,000 and a cottage in 2019 for $200,000. In 2022 M sold the home…

A: If anybody sold land or building after possessing the land or building for more than 24 months then…

Q: Jesse is enrolled for one class at a local community college; tuition cost him $190. Jesse’s AGI is…

A: Eligibility to Claim lifetime learning credit To claim the LLC, one must fulfill all three of the…

Q: Ted and Julia Higgins are married for all of 2022 with an AGI of $175,000 which includes $25,000 of…

A: Tax credit refers to the sum which could be subtracted from aggregate payable tax as well as offsets…

Q: annuity company that promised to pay her $15,000 per year for the next 10 years. Anne p $116,250 for…

A: Annuity -An arrangement between a person and the insurance company to make a number of smaller…

Q: Anne purchased an annuity from an insurance company that promised to pay her $20,000 per year for…

A: Each cash flow of $20,000 represents two amounts, one is return of original investment and one is…

Q: Child Support Payment from Kevin Hamblin $12,000 Alimony Payment from Kevin Hamblin $16,000 Gift…

A: Individual taxpayers should compute their taxation based on the approved tax formula. It starts with…

Q: d in exchange she will receive $170,000 over 000 payment should Anne include in gross in mediate…

A: Annuity - An arrangement between a person and the insurance company to make a number of smaller…

Q: that she is 67 years old, how much of the annuity will be taxable?

A: Annuity is a form of retirement plan in which the investor gets the income for a finite or infinite…

Q: Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000,…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: On March 31, year 1, Mary borrowed $240,000 to buy her principal residence. Mary paid 3 points to…

A: A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce…