Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children. Devona is beginning her freshman year at State University during the fall of 2012, and Aretha is beginning her senior year at Northeast University during the fall of 2012 after having completed her junior year during the spring of that year. Both Devona and Aretha are claimed as dependents on their parents' tax return. Devona's qualifying tuition expenses and fees total $3,500 for the fall semester, whileArethia's qualifying tuition expenses and fees total $5,250 for each semester during 2012. Full payment is made for the tuition and related expenses for both children during each semester. American Opportunity credit and lifetime learning credits available to Jermaine and Kesha for 2012 are: (American Opportunity credit; lifetime learning credit)    A   $1,500; $1,050.    B   $1,500; $2,000.    C    $2,250; $5,250.    D    $4,875; $0

Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$

Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,624 in self-employment tax on her salon income, with $1,312 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016.   Interest income $ 14,975 Salon sales and revenue 88,760 Salaries paid to beauticians 46,550 Beauty salon supplies 23,640 Alimony paid to her ex-husband, Rocky 7,200 Rental revenue from apartment building 35,540 Depreciation on apartment building 14,100 Real estate taxes paid on apartment building 12,060 Real estate taxes paid on personal residence 6,937 Contributions to charity 5,029     a. Determine Betty's AGI. (Amounts to be deducted should be indicated by a minus sign.)

Charles and Joan Thompson file a joint return. In 2019 they had taxable income of $92,370 and paid tax of $12,040. Charles is an advertising executive, and Joan is a college professor. During the fall 2020 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2020. They expect their 2020 tax liability will be $8,008, which will be the approximate amount of their withholding. Joan anticipates that she will work on academic research during the fall semester. During September, Joan decides to perform consulting services for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $35,000 during October, November, and December for her work. What estimated tax payments are Charles and Joan required to make, if any, for tax year 2020? Do you anticipate that the Thompsons will be required to pay an underpayment penalty when they file their 2020 tax return? Explain your…