Jason's earned income credit
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Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2020 and uses the standard deduction.
Calculate the amount, if any, of Jason's earned income credit. $___________
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- Jacquiline is unmarried and age 32. Even though she participates in an employer sponsored retirement plan, Jacquiline contributed $3,000 to a traditional IRA during the year. Jacquiline files as a head of household, her AGI before the contribution is $43,000, and her marginal tax rate is 12 percent. (Use Exhibit 13-8) What is the after-tax cost of her $3,000 traditional IRA contribution? After-tax cost $ 2,350On what information return is the employment income of an individual reported? Question 10 options: a) T2 Return b) T5 c) T4 d) T4A! 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.) d. Zach is 17 years old and his AGI is $5,000. Earned income credit
- The following table shows all the incomes (before taxes and subsidies), taxes and subsidies that a family of 4 members had during 2020. Year 2020 Household members Age Income ($) Taxes ($) Subsidies ($) 1 50000 10000 5250 45 43 35000 250 3 16 1000 Question 25 Given the information of the table, calculate the Adjusted Total Income for this family according to the CIS definition. The result should be an integer number in $ (round to the nearest integer number if necessary). E.g. if the result is 353.3, write 353. Your Answer: Answer Question 26, Given the information of the table, calculate the Adjusted After Tax Income for this family according to the CIS definition. The result should be an integer number in $ (round to the nearest integer number if necessary). E.g. if the result is 353.3, write 353. Your Answer: Answerorki Saved Help Save & Exit Submit TABLE 9-2 Rates for Retirement Savings Contributions Credit Check my work Modified Adjusted Gross Income Joint Return Head of Household Determine the retirement savings contributions credit in each of the following independent cases Use Table 9-2 Over 0 Not Over Over Not Over $ 41,000 S 0 $ 30,750 All Other Filing Status Over S O Applicable Percentage Not Over $ 20,500 50% Retirement Savings Contributions 41,000 44,000 30,750 33,000 20,500 22,000 20% 44,000 68,000 33,000 51,000 22,000 34,000 10% Credit 68,000 51,000 34,000 0% A married couple filing jointly with modified AGI of $37.500 and an IRA contribution of $1,800. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1.900 c. Ahead of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,990 d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,800.ABM- BUSINESS MATHEMATIO Grade/Section: 11 ABM toVislse v C. P28,000 vD. P26,000 esE en bns leeHlid1ot 02e A. P27,000 P25,000 В. To 6. Gina has a total monthly deduction of -ge10 P2,845. If her take-home pay is P18,945, how much is her gross earning for working this month? A. P16,100SE CENO B. P22,500 C. P18,945, D. P21,790 7. Mr. Buenaventurado's annual net income is P1,200,000. What is his annual gross income if his annual deduction is 20% of his gross?
- The tree diagram in figure below describes the uncertain cash flows for an engineering project. The analysis period is two years, and MARR = 15% per year. Based on this information, a. What are the E(PW), V(PW), and SD(PW) of the project? b. What is the probability that PW ≥ 0? Click the icon to view the tree diagram. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 15% per year. a. Calculate the E(PW), V(PW), and SD(PW) of the project. (Round to the nearest dollar.) E(PW) = $ V(PW) = SD(PW) = $ million ($)2 (Round to two decimal places.) b. The probability that PW 20 is (Round to the nearest dollar.) (Round to two decimal places.)*see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,0001. of his gross payment represents his net pay. 78% 79.55% 89% 89.78%
- 19 Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. 1 1 a. A single person with earned income of $5,180 and no qualifying children. b. A single person with earned income of $24,200 and two qualifying children. c. A married couple filing jointly with earned income of $36,060 and one qualifying child. A Q W 2 é F2 Z S X 2 command 3 11 80 F3 E D C 4 I 888 F4 R F 5 ( V FS T G 6 to con § B ** Y H 7 è 84 F7 U N Earned Income Credit 8 ! J DII FB I ? I 9 Ç K DD 0 0.0 à L A F10 command P ) M 9 F11 A option % បHOW MUCH IS TEH NET INCOME a. 53, 925b. 63, 975c. 48, 925d. 58, 925Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay information and their W-4 Form withholding allowances follow. Rolands payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax (based on withholdings table) of gross pay, state income tax at 3% of gross pay, and health insurance coverage premiums of $1,000 split 50% employees and 50% employer. Assume each employee files as single, gross income is the same amount each month, October is the first month of business operation for the company, and salaries have yet to be paid. Record the entry or entries for accumulated employee and employer payroll for the month of October; dated October 31.