Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old. The Grangers spent $13,750 in qualifying expenditures for their two youngest children's child care in 2021. How much of their qualifying expenditures may they consider when claiming the Child and Dependent Car Credit

Q: Bob and Freda are married and filing a joint return. They are both eligible educators. Bob spent…

A: The question is asking us to calculate the total amount that Bob and Freda can deduct as a qualified…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: In 2020, Laureen is currently single. She paid $2,320 of qualified tuition and related expenses for…

A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…

Q: Gilbert is an elementary school teacher at a public school. Gilbert and Tara are married and choose…

A: Form W-2: It is the IRS tax form used in the Country U, to report the total wages paid by the…

Q: Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment…

A: Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income…

Q: In 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security…

A: For married and filing jointly taxpayers, the tax slab rate for $36,000 (AGI) is $1,845 + 15% of…

Q: [The following information applies to the questions displayed below.] In 2021, Laureen is currently…

A: American Opportunity Credit = 0 Lifetime learning credits = 0

Q: interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020…

A: Premium tax credit refers to the refundable tax credit in the US which is payable through the IRS to…

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2022,…

A: Schedule C (Form 1040): Profit or Loss From BusinessForm 4562: Depreciation and AmortizationSchedule…

Q: Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check…

A: Generally , one can deduct contributions made by money or property to a qualified institution. A…

Q: Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000…

A: Child and dependent care benefits refer to the form of incentive provided by the authorized…

Q: Rafael and Lucy, married taxpayers, each contribute $2,900 to their respective § 401(k) plans…

A: Part 2: Explanation:Step 1: Determine the applicable credit rate and AGI threshold:According to the…

Q: Doyle and Rosie, who filed jointly, are both on active duty. They have two children, Doyle, Jr. (age…

A: The Earned Income Tax Credit (EITC) is a pivotal federal initiative crafted to extend financial…

Q: Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000…

A: SOLUTION- PAUL AND KAREN  MEET FOLLOWING CONDITION - 1- THEY PAID SOMEONE TO PROVIDE CARE FOR THEIR…

Q: g and her spouse are both employees and salaries are their sole source of income. in the current…

A: According to the question given, we need to determine the maximum deduction that can be deducted…

Q: Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children…

A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…

Q: Tom and Ashley have a daughter, Janice, who is 19-years-old and attending college as asophomore at a…

A: The following computations are recorded for Tom Ashley.

Q: What is the total “For AGI” deductions? Paul Turner is single and has two children, Allen and Lee…

A: Alimony deductible refers to the allowances which are allowed for husband or wife by the order of…

Q: In 2023, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…

A: Taxpayers who pay for daycare out of pocket are given a credit score known as the "child and…

Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021,…

A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…

Q: Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children…

A: Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…

Q: Which of the following taxpayers are liable to pay the Medicare levy surcharge? Select one: A. Ian…

A: The following persons are not required to Pay Medical Levy Surcharge Single  Less than 90,000…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. Adjusted Gross income = $100000…

Q: Caleb is age 51 and works for Helena Corporation, where he earned $110,000. Celeste (age 48), his…

A: For 2020, the total contribution in a year which can be made to all traditional and Roth IRA cannot…

Q: Jane Binyan is single with one dependent and files as head of household. She is the chief financial…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Bernice is a sole proprietor who provides dog walking services to a number of neighborhood dog…

A: There are two system of accounting for recording the revenue and expenses for a tax payer. Taxpayers…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: * As per the bartleby guidelines, in case of interlinked question answer first 3 only You are…

Q: and Lucy are married, ages 33 and 32, and together have AGI of $120,000 in 2021. They have four…

A: Step 1: Calculate Total Medical ExpensesAdd up all the medical expenses they paid in 2021:Doctor,…

Q: G and her spouse are both employed and salaries are their sole source of income. In the current year…

A: To calculate the maximum amount that can be deducted from G's income for tax purposes, we need to…

Q: Barbara is single and owns a home in the city, which is her primary residence. She also owns a…

A: Certain taxpayers are required to calculate their tax liability twice under the Alternative Minimum…

Q: Jangyoun is a married taxpayer with a dependant 4-year-old daughter. His employer offers a flexible…

A: INTRODUCTION: A taxpayer is any individual or corporate organization who owes taxes to the federal,…

Q: Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a…

A: Computation:

Q: Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole…

A: Deduction represents the amount that is deducted from the tax liability of the individual.

Q: Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children.…

A: Generally speaking, the standard deduction varies from year to year. This is due to the standard…

Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…

A: A taxpayer who has adopted a child and has self-paid certain expenses for adoption gets qualified…

Q: Mark's child, Mary, graduated from school 7 months ago. Mark took out an educational loan to pay for…

A: The maximum student loan interest deduction is $2,500 for a single filer, head of household, or…

Q: a. Stephanie reported $1,125 of earnings from her babysitting.

A: The standard deduction is a fixed amount that reduces taxable income, providing taxpayers with a…

Q: What is the maximum amount of education credits Laureen can claim for these expenditures in each of…

A: The adjusted gross income of a taxpayer is the net income after deducting certain allowable…

Q: Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and…

A: Solution is attached.Explanation:Step 1: Step 2: Step 3: Step 4:

Q: Jenny, age 24, and her daughter Marie, age 3, moved in with her mother, Barbara, after she separated…

A: Determination of Dependency To determine the dependency criteria the important aspect is the…

Q: Max and Sarah are the parents of twin three-year old boys. Max and Sarah work full- time and file…

A: Expenses incurred in the care of dependent children under age 13 or other qualifying expenses can be…

Q: Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing…

A: Formula: Gross pay = All incomes including gifts - Contributions Deduction of Contributions fro the…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.