This year Gerry's friend, Dewey, was disabled. Gerry paid $14,500 to Dewey's doctor for medical expenses and paid $13,000 t University for college tuition for Dewey's son. Required: a-1. Has Gerry made taxable gifts? a-2. What is the amount of the taxable gift? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the taxable gift? (Leave no answer blank. Enter zero if applicable.)

n 2021 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Betty to Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgi O A. taxable income in year of forgiveness B. excludible gift in year of forgiveness OC. taxable income in year of loan O D. excludible gift in year of loan

Single-Schedule X If taxable income is: Over- $ 0 income is: Over- $ 0 But not over- $ 11,000 ........10% 11,000 44,725 $ 1,100.00 +12% 44,725 95,375 5,147.00 +22% 95,375 182,100 16,290.00 +24% 182,100 231,250 37,104.00+ 32% 231,250 578,125. 52,832.00+ 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable 22,000 89,450 190,750 364,200 462,500 693,750 ....... But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 The tax is: of the amount over- ........10% $ 2,200.00 + 12% 10,294.00 +22% 32,580.00 + 24% 74,208.00+ 32% 105,664.00+ 35% 186,601.50+ 37% $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 But not over- 10% 15,700 $ 1,570.00+ 12% 59,850 6,868.00 +22% 95,350 14,678.00 +24% 182,100 35,498.00+ 32% 231,250 51,226.00+ 35% 578,100 172,623.50 + 37% Married filing…

Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000

What is the tax liability for a couple with 2 children and a taxable income of $102,000? Group of answer choices $16,274 $13,055 $17,880 $12,847

(a)

Exercise 4 - 26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $38, 200 before considering their Social Security benefits, no tax-exempt interest, and $ 13,370 of Social Security benefits. As a result, $fill in the blank 1 of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16, 200 before considering their Social Security benefits, no tax-exempt interest, and $17,820 of Social Security benefits. As a result, $fill in the blank 2 of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $113, 500 before considering their Social Security benefits, no tax - exempt interest, and $17,025 of Social Security benefits. As a result, $fill in the blank 3 of…

aj.2

113

S3.