In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation controlled by his father. In addition, he has income of $18,100 from his contracts. Assume her only available personal tax credits are the basic personal amount and the dividend tax credit. Determine his 2021 federal income tax payable Basic claim amount 2021 is $13,808

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a.  Determine Mario's taxable income or loss for 2020. Adjusted gross income   Less: itemized deductions   Less: Deduction for qualified business income   Loss    b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts   Business Expenses   Net capital gain   Interest income   Itemized deductions   c.  Determine Mario's NOL for 2020. Mario's NOL is ?

Joyce is a single, cash-method taxpayer. On April 11, 2021, Joyce paid $120 in state income taxes with her 2020 state income tax return. During 2021, Joyce had $1,600 in state income taxes withheld. On April 13, 2022, Joyce paid $200 with her 2021 state tax return. During 2022, she had $2,100 in state income taxes with-held from her paycheck. Upon filing her 2022 tax return on April 15, 2023, she received a refund of $450 for excess state income taxes withheld. Joyce had total AGI in 2022 and 2023 of $51,000 and $53,500, respectively. In 2022, Joyce also paid $13,500 in qualified residence interest. a. What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b. What is Joyce’s allowed itemized deduction for state income taxes for 2022? c. What is Joyce’s taxable income for 2022?

Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $166,000. What are her self-employment tax liability and additional Medicare tax liability for 2022?

Marlin and Teri are married and will file a joint return. They live in a state that does not impose a state sales tax. However, they did pay the following taxes in 2021: $4,800 state income tax withheld from earnings. $900 state balance due for 2020. $750 personal property taxes. $5,750 real estate taxes. How much are they eligible to deduct for taxes paid on Schedule A, Itemized Deductions? $10,000 $11,300 $11,450 $12,200

Marc, a single taxpayer, earns $64,800 in taxable income and $5,480 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2023, what is his average tax rate? Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $          0 $  11,000 10% of taxable income $   11,000 $  44,725 $1,100 plus 12% of the excess over $11,000 $  44,725 $  95,375 $5,147 plus 22% of the excess over $44,725 $  95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 — $174,238.25 plus 37% of the excess over $578,125 a)14.76 percent b)12.08 percent c)11.85 percent d)22.00 percent e)None of the choices are correct.

Heidi is 23 years old, a full-time student and a dependent of her parents. She earns $4,100 working part-time and receives $2,900 interest on savings. She saves both the salary and interest. (The tax year is 2018.) (Click the icon to view the child tax F(Click the icon to view the standard deduction amounts.) rate brackets.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements. Requirement a. What is Heidi's taxable income and tax? Amount Taxable income Tax Reference Child's tax rate brackets: 10% tax rate: Portion of taxable income not over ETI plus $2,550 24% tax rate: Portion of taxable income over ETI plus $2,550 but not over ETI plus $9,150 35% tax rate: Portion of taxable come over ETI plus $9,150 but not over ETI plus $12,500 37% tax rate: Portion of taxable income over ETI plus $12,500 a. What is Heidi's taxable income and tax? C b.How would your answer for part a change if Heidi were 16 years old? Print Done X

Elizabeth has three children ages 10, 17, and 19. All the children live with her, are full-time students, and claimed as dependents on her tax return. Elizabeth's AGI is $100,000 in 2023 and she files head of household. Her tax liability before the application of any credits is $8,400. What is the maximum Child Tax Credit she can claim on her 2023 tax return? $4.000 O $6,000 $2,000 $0

Mr. John DeMello has 2021 net income for tax purposes of $26,100. His spouse is dependent on him because of a physical infirmity. The infirmity is not sufficient to qualify for the disability tax credit. She has 2021 net income for tax purposes of $5800. Mr. DeMello has no tax credits other than the Basic Personal credits for his spouse and himself. Determine Mr. DeMello’s federal tax credits for 2021.                                                                                        (BPA - $14398, Canada Infirm amount - $2295, Canada care giver- $7348, disability amount-$8662)

In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000  $20,000  $40,000  $0