Calculate their total tax as well as the child tax credit that they can claim for the 20202020

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: INTRODUCTION: Taxable income is part of your total income that the IRS considers taxable. It…

Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: Marcus a single taxpayer has taxable income of $60,000.  Using the US 2020 tax rate schedule.  How…

A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: Jane and Greg are married and file a joint return. They expect to have $520,000 of taxable income in…

A: We have, Taxable income = $520,000 Additional deduction, if residence is purchased = $104,000* Net…

Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…

A: Marginal tax rate is the tax rate which is applicable and changed as per each additional changed…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The question is related to marginal tax rate. The marginal tax rate is the tax rate you pay on an…

Q: Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and…

A: Itemized Deductions :       As the name suggests, it is the deduction of some item expenses incurred…

Q: in 2023 lisa and fred a married couple had taxable income of $401,200. if they were to file separate…

A: According to the question given, we need to determine the couple's marriage penalty or…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…

Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their…

A: Tax is the amount that is charged by the tax authority from the individual and companies on their…

Q: d couple, had taxable income of $303,600. If they were to file separate tax returns, Lisa would have…

A: Taxable income refers to total amount of money earned or gained by an entity through its business…

Q: Claude and Maryse earned $188,950 as a married couple filing jointly in 2022. They did not have…

A: The standard deduction for married couples filing jointly: $25,900 for 202222022 tax table: married,…

Q: Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of…

A: INTRODUCTION: Taxable income is any compensation received by an individual or corporation that is…

Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…

A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…

Q: In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Since you have posted question with multiple sub parts, we will provide the solution only to the…

Q: In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file…

A: Please see the answer below:  calculation of income tax of jasmine & Thomas when they filed…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: lan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: Marginal tax is tax on the additional income earned above the base income and is tax rate of extra…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Given, Pete and Heather filed a Joint tax return in 2020. AGI = $90,000 Itemized deductions =…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Ariana and John who file a joint return have to dependent children, Kai and Angel. Kai is a freshman…

A: The Lifetime Learning Credit (LLC) is a tax credit score used to offset the price of lessons and…

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: n 2023, Santiago and Amy are married and file a joint tax return. They have three dependent…

A: For 2023, the maximum Child Tax Credit per qualifying child is $2,000 for children under 5 years old…

Q: J and K are a married couple filing jointly, with two children age 14 and 18. They have adjusted…

A: Answer: The child tax credit = c. $1,100The child tax credit is a refundable tax credit. For 2018…

Q: In 2023, Lisa and Fred, a married couple, had taxable income of $406,600. If they were to file…

A: 1)Taxable income: The portion of gross income that is considered taxable is what is utilized to…

Q: Chandler and Cas

A: Some dividends and capital gains are taxed @ 0% as per IRS rules if the income limit for…

Q: Will and Kate claim Charlotte (age 10) as a dependent on their tax return. In 2023, Charlotte…

A: As per the provisions of Internal Revenue Service (IRS), dependents are the qualified child or any…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: At first we need to compute the taxable income of Alana and Sara to determine their marginal tax…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The objective of this question is to calculate the average tax rate for Alan and Sara Winthrop based…

Q: le an war

A: The phaseout for 2022 is $340,100 for married taxpayers and $170,050 for all other taxpayers. 2022…

Q: . In 2020, Simon, age 12, has interest income of $6,900 on funds he inherited from his grandmother,…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Their income tax would be ​$______.

A: Income Tax : Income tax expense refers to the amount of expense that a business pays or recognizes…

Q: 4. Susan and Stan Britton are a married couple who file a joint income tax return, where the tax…

A: The taxes to be paid on the taxable income refers to the tax liability. Taxable income is gross…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…

A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…

Q: What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to…

A: Trey is eligible for the full child tax credit of $2,000 for each of his daughters because his AGI…

Q: Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68.…

A: Answer:- Taxable incomes meaning:- Taxable incomes are those income on which government of a…

Q: Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as…

A: The actual tax liability is determined according to the income tax return. The income taxes withheld…

Q: Compute the 2022 AMT exemption for the following taxpayers. If an amount is zero, enter "0". Click…

A: AMT exemptions are a critical component of the AMT system. They represent the amount of income that…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their…

A: Child tax credit 2023 (taxes filed in 2024)For 2023, the child tax credit is worth $2,000 per…