Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children. Devona is beginning herfreshman year at State University during the fall of 2012, andArethia is beginning her senior year at Northeast University duringthe fall of 2012 after having completed her junior year during thespring of that year. Both Devona and Arethia are claimed asdependents on their parents' tax return. Devona's qualifyingtuition expenses and fees total $3,500 for the fall semester, whileArethia's qualifying tuition expenses and fees total $5,250 foreach semester during 2012. Full payment is made for the tuition andrelated expenses for both children during each semester. TheAmerican Opportunity credit and lifetime learning credits availableto 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

Paola and Isidora are married; file a joint tax return; report modified AGI of $146,675; and have one dependent child, Dante. The couple paid $13,590 of tuition and $9,930 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.

es Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple received salary income of $103,000 and qualified business income of $12,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $210,000 and they sold it for $260,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,900 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Required: c. What would their taxable income be if their itemized deductions totaled…

Candace is claimed as a dependent on her parent's tax return. In 2020, Candace received $5,000 of interest income from corporate bonds she obtained several years ago. This is her only source of income. She is 15 years old at year-end. What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

This year Diane intends to file a married-joint return. Diane received $189,500 of salary and paid $7,050 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $7,400 and $29,300 of alimony to her ex-spouse, Jack, who she divorced in 2013. What is Diane's adjusted gross income

Mr. and Mrs. Vonce, both age 62, file a joint return for 2019. They provided all the support for their daughter who is 19 years old, legally blind, and who earns no income. Their son, age 21 and a full-time student at a university, had $4,200 of income and provided 70 percent of his own support during 2019. What is the other dependent credit Mr. and Mrs. Vonce may claim on their 2019 tax return? a.$500 b.$2,000 c.$0 d.$1,000 e.None of these choices are correct.

Amy and Ethan are married and file a joint return for 2023. Their taxable income is $192,100. The amount of their tax liability, rounded to the nearest dollar, is $________

In 2021, Laureen is currently single. She paid $2,740 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,740 each for a total of $5,480). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $12,440 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend graduate school. Finally, Laureen paid $1,420 for herself to attend seminars at a community college to help her improve her job skills. Laureen's AGI is $45,000 What is the maximum amount of education credits Laureen can claim for these expenditures? (Leave no answer blank. Enter zero if applicable.) Description Credits American opportunity tax credit Lifetime learning credit

riana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University, and Angel is working on her graduate degree. The couple paid qualified expenses of $3,000 for Kai (who is a half-time student) and $6,400 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation?

Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $64,100 and $12,600, respectively. In addition to their salaries, they received interest of $352 from municipal bonds and $550 from corporate bonds. Marc contributed $2,550 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,550 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,100 of expenditures that qualify as itemized deductions, and they had a total of $2,548 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions…