Chris’s husband, George, moved out of their home in February of 2022. She had no contact with him since he moved out. Chris and George are not legally separated. Chris has one child, Mary, age 9. She will claim Mary as a dependent on her 2022 tax return. Chris is 31 years old. Chris earned $36,200 in wages and received $50 of interest. Chris was out of work for a month and received unemployment income of $1,800. Chris paid all the costs of keeping up her home. She provided over half of the support for Mary. They all are U.S. citizens and have valid social security numbers. They lived in the U.S. all year. 1. What is the most beneficial of the following filing statuses that Chris is eligible to claim on her 2022 tax return? 2. 2. Based on the information provided, Chris qualifies for the earned income credit. (T/F) 3. What amount of Chris's unemployment compensation is taxable? $______________

Adam Grisly, a single taxpayer, retired from a long career in coal mining in 2017 when he was only 58 years of age. In 2018, his only source of income is wages of $17,500 from a part-time job. Adam knows he needs to save additional funds for retirement and opens an IRA in 2018 and contributes $2,100. Adam is also looking for additional work and completed some training courses for which he received a $200 lifetime learning credit. Adam’s tax liability before any credits is $550. What is the amount of Adam’s Saver’s Credit associated with his IRA contribution? $_______________________________

Mr. Esposito, a petroleum engineer, earns an $84,500 annual salary, while Mrs. Esposito, a homemaker, has no earned income. Under current law, the couple pays 20 percent in state and federal income tax. Because of recent tax law changes, the couple’s future tax rate will increase to 28 percent. If Mrs. Esposito decides to take a part-time job because of the rate increase, how much income must she earn to maintain the couple’s after-tax disposable income? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Jason, 39 and single, helps support his mother Maria and his girlfriend Layla, both of whom are U.S. citizens with SSNs and none of whom file a joint tax return with anyone else. Neither Maria or Layla are disabled. Maria, single, did not live with Jason at all in 2020. She lived in her own home across the street from Jason. Jason provided 80% of Maria’s support in 2020 and paid all costs of maintaining a home for Maria. Maria's only income was municipal bond interest of $5,000. Layla, 40, single, lived with Jason for all of 2020, and Jason paid all costs of maintaining the home. Layla had no income in 2020, and Jason provided all of her support.  Which of the following is most accurate?

Glen (53) is unmarried. Glen's wife, Priscilla, died on June 26 , 2018. For 2018, he filed a joint return. Glen's daughter, Mary Beth (19), lived with him for two months in 2019. Glen does not provide more than 50% of Mary Beth's support. Mary Beth is not a student. Glen's 2019 income consisted of $37,000 in wages and $2,500 in dividends. Question 28 of 50. What is Glen's correct and most favorable 2019 filing status? O single. O Married filing jointly. O Married filing separately. O Head of household. O Qualifying widow(er). O Mark for follow up Question 29 of 50. Does Glen meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit on his 2019 return? Choose the best answer. O Glen is eligible to claim the Child Tax Credit/Additional Child Tax Credit. O Glen is eligible to claim the Other Dependent Credit. O Glen is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. O Mark for…

Doreen is single and has three dependent children aged 12, 14 and 16. The children are full time students and have no income. Doreen is not entitled to SAPTO. Her income for the 2022 year is as follows:Doreen$60,877 Taxable Income$29,999 RFBA (exempt employer)$ 5,200 RESC$22,344 HELP DebtWhat will Doreen’s compulsory HELP Debt Repayment be for the 2022 year?

Jenny, single, age 42, earns $50,000 working in 2022. She has no other income. Her medical expenses for the year total $5,000. During the year, she suffered a nonbusiness casualty loss of $7,500 when her apartment is damaged by flood waters (part of a Federally declared disaster area). Jenny contributed $10,000 to her church. She is trying to decide whether to contribute $1,000 to a traditional IRA. Fill in the table below to see if the IRA contribution reduces taxable income. Don't forget to apply the floors to the medical expenses. The deductible casualty loss has been calculated for you. We will look at personal (nonbusiness) casualty losses in another chapter; note that the nonbusiness casualty loss calculation involves 2 floors. 1. Complete the table to show the effect the IRA contribution would have on Jenny's itemized deductions. Without IRA Contribution Gross Income Contribution to IRA AGI Itemized Deductions Charitable contribution Medical expense deduction Casualty loss…

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…

2. Lee is 30 years old and single. Lee paid all the costs of maintaining his household for the entire year. Determine Lee's filing status in each of the following alternative situations: Filing Status Lee is Ashton's uncle. Ashton is 15 years old and has gross income of $5,000. Ashton lived in Lee's home from April 1 through the end of the year. Lee is Ashton's uncle. Ashton is 20 years old, not a full-time student, and has gross income of $7,000. Ashton lived in Lee's home from April 1 through the end of the year. Lee is Ashton's uncle. Ashton is 22 years old and was a full-time student from January through April. Ashton's gross income was $5,000. Ashton lived in Lee's home from April 1 through the end of the year. Lee is Ashton's cousin. Ashton is 18 years old, has gross income of $3,000, and is not a full-time student. Ashton lived in Lee's home from April 1 through the end of the year.

Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses.Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm:● Utilities: $2,000● Office Rent: $14,000● Self-Employment Tax: $5,000● Salary for her secretary: $20,000● Fines/Penalties: $8,000● Payroll Taxes (Employer Portion): $1,000● Business Meals: $2,000● Bribe to police officer to forgive parking violation $1,500Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income. Also, during the year a tornado damaged the roof of their personal…