Carolyn has an AGI of $39,500 (all from earned income) and two Bu amount of earned income credit is she entitled to? (Exhibit 8-11) - 50 O $2,085 O $3,657 O $4,008 O $6.164

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: Delilah is paying $0.40 per $100 on her $210,000 home in homeowners' insurance annually. If her…

A: A mortgage is a type of loan that is taken for the purchase of a home or any other real estate…

Q: Dina loans $24,000 to her daughter Erin and does not charge any interest. Erin has investment income…

A: To avoid gift tax consequences, the IRS requires that a minimum interest rate, called the Applicable…

Q: icole is a student at USB Law School; she receives a $52,000 scholarship. Of the $52,000, $40,000 is…

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

Q: Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: N paid the family's medical expenses for the current year which totaled $3,000. Medicals Net Income…

A: The Internal Revenue Service (IRS) allows taxpayers to deduct qualified medical expenses that exceed…

Q: Tax Return Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her Problem…

A: Note:  It is assume that no claim single is $10,150.

Q: A-10. Nicole, files as Head of Household and receives $7.400 in alimony, $22,306 in wages, and $105…

A: EIC or EITC stands for earned income tax credit. It is a type of credit that is allowed to low or…

Q: Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: generates $802 per month in income on average. What is Eva's net monthly cash flow?

A: Net cash flow is the difference between cash inflow (income) and cash outflow (expenses).  To…

Q: 2. During 2020, Yigritte receives the following interest payments: $700 from Home Depot bond, $440…

A: Answer State of California bond and Guam bond are exempt so interest received shall not be consider…

Q: Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local…

A: Here, Gross Annual Income is $85,420 % of State and Local Taxes is 10%

Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…

A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…

Q: In 2021, Laureen is currently single. She paid $2,700 of qualified tuition and related expenses for…

A: Adjusted Gross Income:It is gross income minus adjustments to income.The gross income includes the…

Q: 1. Abe is single. His taxable income is $83,076. How much does Abe owe in taxes?

A: The taxpayer has to pay tax on the income. The taxable income is used to determine the tax…

Q: ation (The following information applies to the questions displayed below.] Javier and Anita Sanchez…

A: include-non agriculture business loan interest,agriculture business loan interest, interest related…

Q: Anna receives $150 a month for four years while she attends college to earn a bachelor's degree. At…

A: PV = Present value of the annuityP = Periodic payment (which is $150 in this case)r = Periodic…

Q: Anna has the following income for the quarter:

A: Assuming Anna is resident citizen of Phillipines :-             As per…

Q: Carolyn has an AGI of $38,8C

A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…

Q: May i know this Clara has a HECS debt of $50,000.00 izit need to pay the Government study support…

A: Higher Education Contribution System is referred to as HECS. It is a loan programme backed by the…

Q: What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim…

A: Qualified Expenses: These expenses include the amount that is paid by the taxpayer with respect to…

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: Mary Grace, a resident of Quezon City, single, owns a restaurant in Aguinaldo and in Reyes Street,…

A: In the context of the given question, we are required to compute the community taxes.    According…

Q: 1. Maggie purchased a condominium at Sunset Meadows. She pays $3,246.00 in property taxes each year.…

A: Property taxes are taxes levied by local governments on real property, which includes land and any…

Q: Kelly receives a $40,000 scholarship to Ivy University. She uses $35,000 on tuition and books and…

A: As per IRS Gross income is total income less deductions other than exempt income.

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

A: Deduction for teachers and other education professionals for up to $250 in out-of-pocket expenses.…

Q: ordan is an eligible educator. He spends a total of $300 on classroom supplies. He also reported…

A: The term "qualified expenses" typically refers to specific types of expenditures that meet certain…

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: re that 400% of the federal poverty  level  in his state  Jordan he was eligibe for empooyer…

A: A tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a…

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: Gabriela has the following income for the quarter

A: As per the provisions of Burau of Internal Revenue , Phillipines , quarterly…

Q: 9. Darcy is age 20, a full-time student an Interest income of $1,000 and Divider (NUI) for purposes…

A: Unearned income refers to the sum value of money earned by an entity through investments interests,…

Q: Abby also has a $400/month car loan payment and a $150/month student loan payment. If her lender…

A: The portion of monthly income that goes into paying the loan installments is known debt-to-income…

Q: Jaclyn Connor earned gross pay of $1,820 during a recent pay period. She contributes 7% of gross pay…

A: Taxable earnings is defined as the amount of income that is used for computing how much of tax an…

Q: Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn…

A: Answer:- Income credits and deductions:- By claiming tax credits or deduction, taxpayers may be able…

Q: Individual Retirement Accounts (LO 5.3) Mindy has a Roth IRA held longer than 5 years to which she…

A: ROTH IRA :  IT IS AN INVIDUAL RETIREMENT ACCOUNT THAT ALLOWS QUALIFIED WITHDRAWALS ON A TAX - FREE…

Q: Emma Thompson earns $2,202 semimonthly. She claims 4 allowances and is married. Employee: Thompson,…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: P118,000 and by the employer of the wife. How much will be the total gross annual income of the…

A: Gross income is the income which has been earned by the person during the year and gross income for…

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: 17. Maribel must include a $2,000 in the Gross Income received for National Merit Scholarship for…

A: Scholarship for tuition is the financial aid given to the student for pursuing education by certain…

Q: Michael Jordan is married (filing jointly) and earns $1,421 weekly. Employee: Jordan, Michael Weekly…

A: In accordance with 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From…

Q: c. Laureen's AGI is $45,000 and Laureen paid $12,400 (not $1,900) for Ryan to attend graduate school…

A: Answer:- IRS utilizes AGI to calculate tax liability annually. It's estimated by deducting expenses,…

Q: Carolyn has an AGI of $38,800 (all from earned income) and two qualifying children and is filing as…

A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…

Q: Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two…

A: The wages paid to employees are subject to withholding taxes. There exist two methods to determine…