Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. a. How much can Ashley contribute to her Roth IRA if they file a joint return? (answer is not 6000)

Benny (56) and June (53) are married filing jointly. June's health insurance through work covers both of them, with a $3,500 annual deductible. June has a health savings account (HSA). They had no other insurance. What is the maximum contribution amount (including catch-up contributions) to their HSA account for 2023? $4,850 $7,750 $8,750 $9,750

In 2022, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Required: a. Elaine's AGI is $80,000. b. Elaine's AGI is $168,000. c. Elaine's AGI is $184,000.

In 2022, when the Social Security wage base limitation was $147,000, Jacee received a $100,000 business allocation from a partnership in which Jacee was a general partner. This is Jacee's only source of income for the year. What is Jacee's self-employment tax liability? Note: Round the final answer to the nearest whole dollar amount Multiple Choice $2,900 $3.824 14,130

Kathy is 60 years of age and self-employed. During 2023, she reported $522,000 of revenues and $104, 400 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2023? Assume she pays $30, 687 in self-employment for 2023. Note: Round your final answer to the nearest whole number.

Kathy is 48 years of age and self-employed. During 2022 she reported $540,000 of revenues and $108,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)? Multiple Choice о $61,000 $67,500 $6,500 $20,500

Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,100 to a traditional IRA. Required: Compute the AGI on their joint return if AGI before an IRA deduction is $154,000. Compute the AGI on their joint return if AGI before an IRA deduction is $204,600

In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs.What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.)   a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages.

Greg died on July 1, 2021, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income?

Lewis and Laurie are married and jointly own a home valued at $262,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2022. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) Note: Leave no answer blank. Enter zero if applicable. Required: The couple borrows $62,000, 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 for purposes unrelated to the home. The couple pays $3,800 interest on the loan during the year, and the couple files a joint return. The couple borrows $154,000, 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 $6,300 interest on the loan during the year, and the couple files a joint…