Chris, age 5, has $3,000 of interest income and no earned income this year. Assuming the current applicable standard deduction for dependents is $1150, how much of Chris' income will be taxed at his parents marginal rate?   0 700 1850 3000

Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will be required to pay if she receives the distribution on her 62nd birthday and she has not yet retired? Group of answer choices   $0   $14,000   $35,000   $49,000   None of the choices is correct.

Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability?   a. $1,860   b. $0   c. $7,000   d. $2,000   e. $6,000

Jon and Kate have 8 children. Their current year AGI is 200,000 and consists exclusively of earned income. They have $50,000 in childcare expenses If all of their kids are younger than age 17. Three of the children are younger than age 6. What is the maximum refundable portion of the child tax credit? O $12,800 O $25,800 O $4,000 $16,000

George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent. Note: Leave no answers blank. Enter zero if applicable. Problem 13-76 Part a (Static) a. What are the tax consequences to George if he takes $25,000 out of the traditional IRA and contributes the entire amount into a Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ SA 6,000 2,500 8,500

Kindly help me solve these problems. Thank you.

D.J., who is single, had $15,000 in social security benefits in 2021. D.J's modified adjusted gross income for 2021 was $41,000. Using only the Tier 1 calculation for social security benefits, how much of D.J's social security benefits are taxable? D.J's base amount is $25,000. Multiple Choice $7,500 $8,000 $15,000 None of the above

Liam has a gross income of $120,000 and takes the standard deduction.    1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.

15. From the following information determine the total 2020 tax due for Gracelyn and Jason Baxter, assuming they file a joint return, have three dependents all under the age of 8, and are not members of a qualified retirement plan: Jason's Wages $ 76,000 Gracelyn's Wages $ 42,000 Jason's IRA Contribution $ 3,000 Gracelyn's IRA Contribution $ 3,000 Gracelyn's Self Employment Income from Etsy $ 77,000 Tax Preference Items $ 50,000 General Business Credit $ 6,00 Primary Residence Mortgage Interest $ 18,000 Property Taxes $ 12,000 What is the total tax due?

George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent. Note: Leave no answers blank. Enter zero if applicable. Problem 13-76 Part b (Static) b. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, pays the taxes due from the traditional IRA distribution, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ $ A 6,000 (600) 5,400