Beth is 54 and single. She earns 52,000 in wages annually.  She has a Roth IRA and a traditional IRA with two different financial institutions.  She contributed $3,000 to her Roth IRA in 2022.  She also wanted to contribute to her traditional IRA account.  What is the maximum she can contribute to her traditional IRA in 2022?

Mia contributed $100,000 to a Roth IRA over the past 20 years. She retired at age 60 and would like to withdraw all the funds. She would be in the 24% federal marginal tax bracket. How much will she pay in income taxes on the funds? O $0. O $34,000. O $10,000. O $24,000.

Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? A.  Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary).

Miles is 33 years old and single his only income consisted Of 10,500 in wages. What is the maximum amount you can contribute to a traditional IRA in 2021 is it $0, or $6000 or $7000 or $10,500

Jerrad, age 51, works 15 hours a week at a local fast-food restaurant while he attends a university. He recently learned about the power of compounding, and he opened a traditional IRA this year. If he earned $8,250 in wages this year, what is the most Jerrad could contribute to his traditional IRA? A : $6,500. B : $0. C : $5,500. D : $8,250.

Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: $ 650 950 5,200 1,190 1,030 1,000 10,700 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Tamar rented out the condo for 97 days, receiving $34,500 of gross income. She personally used the condo for 57 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering…

Taylor, age 15, is claimed as a dependent by her parents. For 2023, she has the following income: $3,000 wages from a summer job, $1,885 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work 2,385 2,385 X x. To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ 0…

Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket.maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction

Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance : Utilities Depreciation $1,100 550 3,850 945 700 1,000 9,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Problem 14-58 Parts a, b, c, d & e (Algo) Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the…

. George and Mary Keys are very excited over the news that they are to be parents. Since their graduation from college three years ago, they have purchased a new house and a new car. They owe $130,000 on the house and $8,000 on the car. Their only life insurance consists of $75,000 of term coverage on George and $50,000 on Mary. This coverage is provided by their employers as an employee benefit. Their personal balance sheet shows a net worth (assets minus liabilities) of $80,000. George is rapidly moving up within his company as special projects engineer. His current annual salary is $60,000. In anticipation of the new arrival, George is considering the purchase of additional life insurance. He feels that he needs at least $500,000 in coverage, but his budget for life insurance is somewhat limited. The couple has decided that Mary will stay at home with the new baby and put her career on hold for ten years or so while this baby, and perhaps a later sibling or two, are young. a. As…