Question 96 Pierce meets all the requirements and qualifies for the Senior Head of Household Credit. His California adjusted gross income is $79,000 and his taxable income on line 19 of his Form 540 is $72,000. Therefore, his Senior Head of Household Credit for 2020 is what amount? O A. $0 OB. $1,000 O c. $1,440 OD. $1,499

Question 96 Pierce meets all the requirements and qualifies for the Senior Head of Household Credit. His California adjusted gross income is $79,000 and his taxable income on line 19 of his Form 540 is $72,000. Therefore, his Senior Head of Household Credit for 2020 is what amount? O A. $0 OB. $1,000 O c. $1,440 OD. $1,499

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 4DQ

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Question 38 James and Martha Willard are 67 and 65 years old respectively. The couple received the following income items during 2020: аге Wages from part-time employment Fully taxable pensions Interest from Liberty Bank & Trust Certificates of Deposit Interest from Cedar County (Iowa) Bond Social Security Benefits $10,000 ১50.000 $4,000 $2,000 $45.000 What is the taxable amount of their social security benefits? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! IF YOU GETA DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWER TO THE NEXT WHOLE DOLLAR AMOUNT.
Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000
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For a 24-year-old taxpayer with two dependents who is qualified to use the filing status of "head of household," what is the California AGI that will cause him to be required to file a tax return for 2022? a. $41,988 • b. $46,171 c. $58,724 • d. $40,000 Answer: a. $41,988
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