Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $19,600 and she takes the standard deduction, calculate Clarita’s earned income credit and child and dependent care credit for 2019

Serena is a 48-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2022 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,800 in 2022. Serena also pays long-term care insurance premiums of $1,200 in 2022. Calculate Serena's self-employed health care deduction.

Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife.   What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8.   b. His AGI is $421,200.

in 2018, Nancy a single taxpayer with an AGI of 202,000 claims five dependent children all under age 17 What is Nancy's 2018 Child credit

Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$

Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket in 2020. Ava's salary is $75,000. Her employer offers a child and dependent care reimbursement plan that allows up to $5,000 of qualifying expenses to be reimbursed in exchange for a $5,000 reduction in the employee's salary. Because Ava and Leo have two minor children requiring child care that costs $5,800 each year, Ava is wondering if she should sign up for the program instead of taking advantage of the credit for child and dependent care expenses. Analyze the effect of the two alternatives. Assume FICA tax rate of 7.65%. If required, round your intermediate computations to the nearest dollar. Click to view Percentage Credit based on Adjusted Gross Income. a. If Ava and Leo take advantage of the plan, they would v save income taxes because the reimbursement of child care expenses is excluded from v gross income. The income tax savings v associated with participating in the plan would be X. In…

Ava and her husband, Leo, file a joint return and are in the 24% tax bracket in 2019. Ava’s employer offers a child and dependent care reimbursement plan that allows up to $5,000 of qualifying expenses to be reimbursed in exchange for a $5,000 reduction in the employee’s salary (Ava’s salary is $75,000). Because Ava and Leo have two minor children requiring child care that costs $5,800 each year, Ava is wondering if she should sign up for the program instead of taking advantage of the credit for child and dependent care expenses. Analyze the effect of the two alternatives. How would your answer differ if Ava’s salary was $30,000, their AGI was $25,000, and their marginal tax rate was 10%?

Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they have a total of $107,700 in wages and $330 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $2,285 and their itemized deductions equal $16,230. They claim two exemptions for the year on their joint tax return. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   a.  What is the amount of Rahul and Ruby's adjusted gross income?$fill in the blank  b.  In order to minimize taxable income, Rahul and Ruby will   in the amount of $fill in the blank  c.  What is their taxable income?$fill in the blank

Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother age 67 What is the maximum amount of the child tx credit that is refundable to benjamin in 2021?

Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount   Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit   Click here to access the 2020 Applicable Figure Table to use for this…