Can you help me with the review practice? Earned Income Credit (LO 7.2)Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane'swages are $19,800 and she receives dividend income of $1,200.Earned Income Credit Phase-Out RangesNumber of Qualifying ChildrenNone123 or moreOther than jointfilersJoint filersPhaseout PhaseoutPhaseoutBegins EndsBegins$11,610 $21,430 $17,56019,520 42,15825,47019,52047,91525,47019,52051,46425,470Calculate Diane's earned income credit using the EIC table in Appendix B.XPhaseoutEnds$27,38048,10853,86557,414

In the US, the Earned Income Credit (EIC), also sometimes shortened to EITC, is a refundable tax…

Answered: Diane is a single taxpayer who…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 27P

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Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
Tax Drill - Earned Income Credit Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023, they earn wages of $34, 000 and no other income. Round your intermediate computations to two decimal places and your final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. The earned income credit is $fill in the blank 1. Tax Drill - Earned Income Credit Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023, they earn wages of $34,000 and no other income. Round your intermediate computations to two decimal places and your final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. The earned income credit is $fill in the blank 1.
Subject - Acounting Problem 7-6Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200. Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $11,610 $21,430 $17,560 $27,380 1 19,520 42,158 25,470 48,108 2 19,520 47,915 25,470 53,865 3 or more 19,520 51,464 25,470 57,414 Calculate Diane's earned income credit $ Would you kindly assist and explain:) I'm grateful for your help :)
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $8,490 $15,270 $14,170 $20,950 1 $18,660 $40,320 $24,350 $46,010 2 $18,660 $45,802 $24,350 $51,492 3 or more $18,660 $49,194 $24,350 $54,884 Calculate Diane's earned income credit using the EIC table in Appendix B.
Data: In 2020, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband - AGI $165,500. Question: What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books ? Thx, Stephanie
The gross income test for a dependent who is a qualifying relative mandates that the potential qualifying relative cannot have gross income over a certain amount. What is the gross income limit for Tax Year 2023? $0 $4,400 $4,700 $13,850
Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2021, Diane's wages are $18,900 and she receives dividend income of $900. Diane’s 2019 earned income was lower than 2021. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $11,610 $21,430 $17,560 $27,380 1 19,520 42,158 25,470 48,108 2 19,520 47,915 25,470 53,865 3 or more 19,520 51,464 25,470 57,414 Calculate Diane's earned income credit using the EIC table in Appendix B.
Exercise 12-16 (LO. 4) Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $34,000 and no other income. Round your intermediate computations to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. Determine the amount of their earned income credit for 2022. 6,935 X
Scenario: Emma (age 30) and Brad (age 32) are considering getting married before the end of 2022. The following summarizes their income and deductions: Brad Emma ABC Salary 112,000 94,000 Itemized Deductions 21,700 11,800 Requirements: Compute 2022 (1.) taxable income; (2.) income tax liability; and (3.) the average tax rate under the following scenarios. Provide the details of your computations and use formulas when appropriate. They get married on December 1, 2022 and they choose to file married joint. They get married on January 1, 2023. What is the tax consequence to Emma and Brad, if they get married on December 1, 2022?
4) Listen Debbie earns an annual salary of $80,000 per year. Paid Biweekly. She contributes 2% of her biweekly gross salary to RRSP. She receives a group life non cash taxable benefit of $35.00 and a $85.00 cash cell phone allowance per pay. It is March 2021 and she has not hit any maximums. Her claim code is 1. Please calculate her gross earnings, El contribution, CPP contribution, income tax contribution and her net pay. Please note you must show all formulas/work or you will receive zero. Gross Earnings: (1) El Contribution: (1). CPP Contribution: (1) Income Tax Contribution - Federal. Income Tax Contribution - Provincial Net Pay: (1) Format

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