In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. Zach is 17 years old and his AGI is $5,00.
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- ! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. Zach is 29 years old and his AGI is $5,000. Earned income creditRequired information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income creditIn 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and he does not have any for AGI deductions. What is his earned income credit in 2022 in the following alternative scenarios? Use Exhibit 8-11. Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. Zach is 29 years old, and his AGI is $5,000. b. Zach is 29 years old, and his AGI is $10,000. c. Zach is 29 years old, and his AGI is $19,000. d. Zach is 17 years old, and his AGI is $5,000.
- ! Required information [The following information applies to the questions displayed below.] In 2023, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and he does not have any for AGI deductions. Saved What is his earned income credit in 2023 in the following alternative scenarios? Use Exhibit 8-10. Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. Zach is 29 years old, and his AGI is $10,000. Eamed income creditQ.7. In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____n 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry's qualified business income from driving is $110, 800. Assume Henry takes the standard deduction of $12, 550. Click here to access the 2021 individual tax rate schedule to use for this problem. Question Content Area Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: 19,650 Tax liability (round to the nearest dollar):
- Steve is a single man who lives by himself. He has one job as a computer technician and takes the standard deduction. What is his 2020 Form W-4 likely to report? a.Check the box in Step 2(c) to reflect his job b.Claim 2 allowances c.Check the single box in Step 1 only d.Check the single box and report himself as a single dependent on Step 3 e.He can claim any number of withholding allowances that he believes will leave him with proper withholding.! Required information [The following information applies to the questions displayed below.] Lewis and Laurie are married and jointly own a home valued at $265,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2021. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) (Leave no answer blank. Enter zero if applicable.) b. The couple borrows $160,000, and the loan is secured by their home. The credit union calls the loan a "home equity loan." Lewis and Laurie use the loan proceeds to add a room to their home. The couple pays $6,450 interest on the loan during the year, and the couple files a joint return. Deductible interest expenseElaine Case (single with no dependents) has the following transactions in 2019: What is Elaines net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaines income from other sources puts her in the 37% bracket. Elaines address is 300 Ireland Avenue, Shepherdstown, WV 25443.
- Classify each of the following expenditures paid in 2019 as a deduction for AGI, a deduction from AGI, or not deductible: a. Roberto gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c. Albert pays Dr. Dafashy for medical services rendered. d. Mia pays alimony to Bill. e. Rex, who is self-employed, contributes to his pension plan. f. Bonita pays expenses associated with her rental property. g. Lu, who operates a sole proprietorship, takes a client to dinner to discuss new business.Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.