Niles and Marsha adopted an infant boy (a US. citizen). They paid $19,250 in 2017 for adoption-related expenses. The adoption was finalized in early 2018. Marsha received $3,950 of employer-provided adoption benefits. For question (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. a. What amount of adoption credit, if any, can Niles and Marsha take in 2018? b. Using the information in question (a), assume that their modified AGI was $242,000 in 2018. What amount of adoption credit is allowed in 2018? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) a. Amount of adoption credit b. Amount of adoption credit

Q: Hillary gets divorced in 2020 and is required to pay her ex-spouse $200 per month until her son…

A: Alimony refers to the amount that is received periodically by a single person from the ex-husband's…

Q: In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $24,600 of income from France,…

A: Given that France tax = $24,600 x 10% = 2,460 Italy tax = 44,400 x 40% = 17,760 Total creditable…

Q: rge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: Taxable income is to be taxed as per the schedule given for married as above. Interest on bonds…

Q: Laura and Hung were granted a divorce in 2016. In accordance with the decree, Hung made the…

A: Alimony taxation: According to the Tax cuts and jobs act of 2019, Alimony or separate payments…

Q: Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with…

A: To qualify for child tax credit (CTC) child’s age must be below 17 years (e.g. 16 or younger).2019,…

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: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…

A: Marginal tax rate: It is the rate at which assessee 's incremental dollar in taxable earnings is…

Q: Scot and Vidia, married taxpayers, earn $242,000 in taxable income and $5,000 in interest from an…

A: Marginal tax rate It is additional tax payable for  the additional income earned in dollar.

Q: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2018 Christmas…

A: Raphael and Martina are engaged and get married at the end of the year. In 2018, Raphael income =…

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha…

A: Filling a tax return means to fill a form in which a tax payer has to mention his earnings, all his…

Q: Simba and Zola are married but file separate returns. Simba received $22,000 of salary and $28,100…

A: State law in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019,…

A: Employees and families with low and moderate incomes might benefit from the Earned Income Tax Credit…

Q: Laura and Leon were granted a divorce in 2008. In accordance with the decree, Leon made the…

A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…

Q: Mariya and Majid are married. Majid is employed and has employment income of £35500 p.a. Mariya…

A: Assuming that Mariya and Majid are not filing return jointly. Also assuming that they belong to…

Q: Under a divorce agreement executed in 2015, Bob is required to pay his ex-wife, Carol, $3,000 a…

A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…

Q: richard and alice are divorced and under the terms of their written divorce agreement signed on…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Jackson was born in Albania and is a qualified computer programmer. He is married to June and they…

A: To determine whether an individual is a resident of Australia for tax purpose, the following…

Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…

A: In all of the  community property states , income from interest shall be considered one half of by…

Q: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: The marginal tax rate is the rate of extra tax that must be paid for each new dollar of earnings…

Q: Alexandra, single with no dependents, has waterfront rental property in Maine, but she is a…

A: Income Taxes- Taxes at the federal and state levels are imposed on the income of people, businesses,…

Q: Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the…

A: Child tax credit refers to those benefits that functions as a tax breaks or exemptions for the…

Q: During 2021, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

Q: Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who…

A: Qualifying Child Relief and Working Mother Child Relief are two benefits for assessee to reduce…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket. Ava's…

A: Tax Bracket: A tax bracket is the range of income which is subject to various income tax rates.…

Q: tim is living with his spouse in California when he finds out that his wife is having an affair. Tim…

A: Tax is a charge which is charged on the taxable income of the taxpayer. This tax amount is…

Q: Elijah and Anastasia are husband and wife who have six married children and eight minor…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Randy and Rachel are eligible for a $fill in the blank 1 adoption credit in 2020. b.  Assume the…

A: a. Result: Maximum adoption tax credit available is up to $14,300 per adopted child in 2020.

Q: Gina and Tomas obtained a divorce effective May 1, 2018, In accordance with the divorce decree which…

A: A divorce settlement agreement is defined in law as a settlement which happens between two parties…

Q: ssable income was $ 150,000 and deduction $ 20,000 in Financial Year 2019-2020. He does not have a…

A: Step 1 Tax liability is the total amount of tax debt owed by an individual, corporation, or other…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2020 for…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: In the current year, Megan, who is single, sells stock valued at $48,000 to Brooke for $13,000.…

A: (a) Determination of taxable gift Cost of stock $48,000   Sales to Brooke ($13,000)   Taxable…

Q: Richard and Alice are divorced and under the terms of their written divorce agreement signed on…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Kelvin Tan, a 35-year-old Singaporean, is married with 3 children aged between 2 and 9.  He has a…

A: An individual has to pay the tax on the earned income to the respective government or tax…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…

Q: Interview Notes  Marsha is 23 years old and single. She cannot be claimed as a dependent by another…

A:

Q: Toni and Beyonze are married and file jointly. During 2020, they paid tuition for their daughter’s…

A: Given information is: Filing status = married and jointly Tuition fees paid for daughter = $23000…

Q: Laura and Leon were granted a divorce in 2019. In accordance with the decree, Leon made the…

A: Alimony is the amount which is paid by husband or in some cases paid by wife at the time of divorce…

Q: Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided…

A:

Q: 40) and Tina (42) live in California. They have two dependent children, Todd (age 10) and Ted (age…

A: Child Tax Credit: According to the 2020, Child Tax Credit, an individual can get a tax credit worth…

Q: Jerry, age 23, a full time student and not disabled, lives with William and Sheila Carson.  Jerry is…

A: Five conditions must be met for a child to avail dependency exemption for Jerry as a qualifying…

Q: PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her…

A: Gross sales amount, in this case, means the amount received from the total number of transactions at…

Q: Niles

A:

Q: Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with…

A: As per IRS, the maximum credit that per child under child tax credit is $2,000 if the age of the…

Q: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…

A: American Opportunity Tax Credit (AOTC): $2500 Credit per person if paying $4000 of education…

Q: Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12.…

A: Child and dependent care credit: According to IRS, the person ( who incurred any expenses for the…

Q: Alison and her husband, Tyrone, were married at the beginning of 2021. They separated on July 5,…

A:

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: In order to qualify for the Child Tax Credit, the Child's age must be under 17 and Child Tax Credit…

Q: Steven is a thirty-year-old Australian resident for tax purposes. He is single with no dependant and…

A: Tax can only be applied on profits if the person is incurring loss , there is no taxable income.