Claudia (35 years) has a taxable income of $24 000 and is unmarried. What is Claudia’s Medicare levy liability for the year ending 30 June 2020?   a. $701.25   b. $360   c. $160.20   d. $480

Interview Notes Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winningsof $1,000. Michael would like to itemize his deductions this year. Michael brings documentation for the following expenses: $8,200 Hospital and doctor bills $700 Contributions to Health Savings Account (HSA) $2,500 Long Term Care Insurance premiums before age limitation applied $3,400 State withholding (higher than Michael’s calculated state sales tax deduction) $300 Personal property taxes based on value of vehicle $400 Friend’s personal GoFundMe campaign $275 Cash contributions to the Red Cross $100 Fair market value of clothing in good condition donated to the SalvationArmy (Michael purchased clothing for $800) $7,500 Mortgage interest $820 Real estate tax $230 Mortgage Insurance Premiums (PMI) on a home he purchased in 2017. $150 Homeowners association fees $2,000 Gambling losses 11. If Michael chooses to itemize, which of the following…

Aa.63. Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit-sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: Compute Ms. Ray's IRA deduction if current year income includes $71,320 salary.

Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up

1:Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900.Social Security tax = $ Medicare tax = $  2:Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay; and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500.Social Security tax = $ Medicare tax = $  3:Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible spending account. His current year taxable earnings for Social…

Mary is an 80-year-old-widow. Last year, Mary earned investment income of $1,570, and she had no other income. For this year, she is eligible for the maximum OAS benefit of $7,217.40. If the maximum GIS benefit is $10,779.84, how much in OS/GIS payments is Mary entitled to receive? O a) $7,217.40 O b) $9,994.84 O c) $17,212.24 O d) $17,997.24

Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.

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

Nancy, who is 59 years old, is the beneficiary of a $235,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? Note: Do not round any intermediate division. Round your final answer to the nearest whole dollar amount. a. She receives the $235,000 proceeds as a lump-sum payment. b. She receives the proceeds at the rate of $4,525 a month for five years. c. She receives the proceeds in monthly payments of $1,370 over her remaining life expectancy (assume she will live 25 years). d. Use the information from (c). If Nancy lives beyond her 25-year life expectancy, what amount of each monthly payment will be taxable in the 26th year? a. Taxable insurance proceeds b. Taxable insurance proceeds per month c. Taxable insurance proceeds per month d. Taxable insurance proceeds per month $

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