To be a qualifying relative, who has to live in the home of the taxpayer for the entire year? Multiple Choice Cousin. Stepchild. Father. Child.
Q: Marcus a single taxpayer has taxable income of $60,000. Using the US 2020 tax rate schedule. How…
A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…
Q: Situation 1) Fiona’s niece is sixteen and has come to the U.S. from Ireland because her parents were…
A: Meaning of Dependent Dependents can be your child, step child or sibling. In this question, the…
Q: Question 48 of 75. Which of these is a requirement for claiming the California Joint Custody Head of…
A: Household credit refers to the total amount of credit extended to individuals or households by…
Q: With respect to a Qualified Tuition Plan, which of the following statements is incorrect?…
A: The objective of the question is to identify the incorrect statement about a Qualified Tuition Plan…
Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: If a taxpayer does not have enough tax liability to use all the available adoption credit, the…
A: Adoption Credit: Adoption of a child needs certain basic expenses like court and attorney fees and…
Q: Which of the following relatives must live with you the entire year to qualify you for HOH status?…
A: Son Or daughter
Q: When determining support for a qualifying child or qualifying relative dependent, which item is…
A: When determining if someone is your dependent for tax purposes, total support includes the amounts…
Q: True or False:
A: Earned Income Tax Credit (EITC) :- The earned income credit (EIC), also called the earned income tax…
Q: Which of the following tax credits can not be transferred to a spouse? The age credits The…
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the questions…
Q: A federal tax levied on the value of the inheritance of a deceased person to transmit his or her…
A: An inheritance tax is a valuation of assets received from a deceased individual. The beneficiary…
Q: Are the following required to file a federal income tax return? MFJ, husband aged 66, wife aged60,…
A: Filing a federal income tax return depends on the following factors:I) Filing statusII) Gross…
Q: Calculate Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the…
A: the tax liability is basically the total amount of tax debts that are being owned by the corporate…
Q: Which of the following statements is false regarding the earned income credit (EIC)? Multiple…
A: The objective of the question is to identify the incorrect statement about the Earned Income Credit…
Q: 24. Which of the following, if any, correctly describes the earned income credit? a. Would be…
A: EIC is the facility available for certain taxpayers having low or moderate income. For availing EIC,…
Q: In which of the following situations will the divorced custodial parent be entitled to the…
A: Divorced custodial parent be entitled to the dependency exemption for the child:
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: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…
A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…
Q: Determine the amount of the child tax credit in each of the following cases: B) a single parent…
A: Answer:-In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…
Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare…
A: Tax liability The amount of tax which is required to be paid by an individual, corporation, or any…
Q: Carolyn has AGI of 38800 all from earned income and two qualifying children and is filing head of…
A: EIC is primarily for individuals and families who have low to moderate earned income.
Q: ity #5: Problem Solving: structions: Solve the following problem and write you answer ch sheet hn…
A: Personal exemption refers to the sum value of money a resident taxpayer is allowed as a form of a…
Q: How is the unearned income of children treated for tax purposes? Can parents include the children’s…
A: Unearned income includes investment-type income such as taxable interest, ordinary dividends, and…
Q: Which tax filing status has the least amount of money withheld from a paycheck from the IRS? For…
A: The amount withheld from a paycheck depends on various factors, including your income, deductions,…
Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…
A: An itemised deduction is expense that can be deducted from adjusted gross income to lower taxable…
Q: Topic: Is it possible for someone to be a qualifying child and a qualifying relative of the same…
A: Introduction: A taxpayer is a person or a legal entity (such as a corporation) who must pay a tax.…
Q: Required: a. His AGI is $107,400. b. His AGI is $434,000. c. His AGI is $421,500, and his daughters…
A: Child Tax Credit = $2,000 (For age 14)Dependent Credit = $500 (For age 18)Total Deductible Credit =…
Q: Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2021? b. Using the…
A: Modified AGI is also referred to as modified adj (adjusted) gross income which is the adj gross…
Q: Choose the response that accurately completes the following sentence. A taxpayer claiming the…
A: Correct option is 3 i.e. Will receive a refund if the amount of the credit is larger than the tax…
Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…
A: GIVEN Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…
Q: What would be the average tax rate for a married couple with income of $90,500? What would be the…
A: Tax Brackets are used to calculate the income tax liability based on the taxable income of taxpayers…
Q: Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at…
A: Taxable income: It is the amount of income of an individual which is subject to tax. The taxable…
Q: imed as a dependent on another person's return, as long as they are under age 27. May have…
A: Premium tax credit refers to the form of refundable tax credit provided the government to provide…
Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy…
A: Taxable income: It is the part of the income which is taxable in the hands individual.
Q: Determine the taxable amount of social security benefits for the following situations. If an amount…
A: a.This works out as whichever is lesser of the following as shown below:1.
Q: Monthly support regularly given by an unmarried daughter to her aged mother. * A. Subject to…
A: Support refers to the amount of expenses incurred on the food, accommodation, clothing, medical…
Q: Michaela owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape…
A: Loan worth= $1,000,000 x 75%=$750,000Michaela's deduction is limited to interest on acquisition…
Q: Which of the following taxpayers may qualify for the Premium Tax Credit? Each purchased health care…
A: The Correct option is A that Alanis. She files single and her tax liability is zero.
Q: Which of the following is a test used to determine a taxpayer's tax home? The main place of…
A: Tax liability of the taxpayer is based on the residential status of the taxpayer or place where the…
Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in…
A: AGI deductions are those reductions or deductions that can be taken from the adjusted gross income…
Q: Which of the following criteria has the LEAST impact on determining how much federal aide you can…
A: Federal student aide is provided to students who have enrolled for eligible programs with a view to…
Q: As the legal representative of your sister's estate, you would like to prepare an optional return…
A: The term sources of income refers to the origin from where the income is earned by a company or an…
Q: During the current year, Dale Corporation sold a segment of its business at a gain of $315,000.…
A: The income statement is a financial statement that shows the revenues and expenses of a company over…
Q: Which of the following transferable tax credits can be transferred to immediate relatives other than…
A: The transferable tax credit means the tax credit that can be transferred or sold to the other…
Q: Which of the following payments may be considered alimony? A. cash payment B. Child support 500…
A: Alimony refers to financial support provided by one spouse to another after a divorce or separation.…
Q: Trey has two de
A: A taxpayer is eligible to claim child and dependent care credit if he/she paid expenses for the care…
Step by step
Solved in 3 steps
- Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother age 67 What is the maximum amount of the child tx credit that is refundable to benjamin in 2021?Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are unmarried but have a “friend” who lives with you full-time / all year. It’s just the two of you (and maybe a quadruped or two). The apartment (or house) is in your name only and you pay all of the rent (or mort-gage) and for absolutely everything else because your friend is a “writer” who does nothing by way of work other than on a supposed novel – which of course brings in absolutely zero income because it never seems to get finished, much less published… Since you’re the sole breadwinner and it’s your apartment (or house), can you file as “Head of household” instead of as “Single”? Explain in 2-3 sentences.A client approached you with a question about the tax consequences of setting up an irrevocable trust for his two grandchildren to attend college. Please respond to the following: Discuss the tax issues or consequences of the generation-skipping provision and a direct gift to the grandchildren instead of creating the trust. Make at least two recommendations to support either a direct gift to the grandchildren or the creation of the trust.
- A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except: Multiple Choice A dependent under the age of 13. An adult child who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year. A dependent child, age of 17 who attends school full time. A spouse who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year.In connection with the application of the kiddie tax, comment on the following. A. The child has only earned income . B. The child has a modest amount of unearned income. C. The child is age 20, is not a student, and is not disabled. D. The child is married E. Effect of the parental election. F. The result when the parental election is made and the married parents file separate returns.Klp.3 Demeter is a single taxpayer. Her AGI during the tax year is $175,000. Demeter may claim a child tax credit for her daughter Persephone, age 4. What amount of child tax credit is Demeter entitled to claim on her tax return?
- Subject - account Please help me. Thankyou .Question 25 of 50. Lisa would like to claim her granddaughter, Amani, as her qualifying child so she can claim the Earned Income Credit (EIC). However, Amani's mother, Taya, is also eligible to claim Amani as her qualifying child for EIC purposes and would like to do so if she is able. As Lisa's tax preparer, what information would you share with Lisa? As long as Lisa files before Taya, she may claim EIC based on Amani, her qualifying child. O Lisa and Taya may agree to each claim one-half of the EIC based on Amani, their qualifying child. O Lisa may claim EIC based on Amani if her adjusted gross income was higher than Taya's. O Taya holds a higher right and may claim EIC based on Amani because Taya is Amani's parent. Mark for follow up Question 26 of 50A8
- Child care expenses are generally deductible by the spouse with higher income in a two parents household. Question 5 options: True FalseOnly typing answer Please explain step by stepMark for follow up Question 6 of 15. Maggie is a neighbor of yours who lives with her parents. She is 20 years old and has a one-year-old child. You know that Maggie was a full-time student until she quit college at the end of September of the tax year. Maggie gives you her tax documents and tells you that her mother said to claim herself and to claim her child for EITC. To meet the EITC due diligence knowledge requirement, you: Cannot ignore the facts about Maggie living with her mother for nine months of the year when she was a full-time student Can disregard information obtained through a personal relationship. Cannot complete Maggie's return under any circumstances. Can complete Maggie's return filing her as a single non-dependent with EITC for her child. Mark for follow up « Back Save/Return Later Summary Next »
