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: As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to…
A: Income = Adjusted Gross Income + Adjustments To Income
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: 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: 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: Which of the following, if any, correctly describes the earned income credit? a. Would be available…
A: The objective of the question is to identify the correct description of the earned income credit and…
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: A son qualifies for HOH filing status for a father who lives on his own in an apartment. The son…
A: True Because To file taxes as head of household, you must be considered unmarried, pay at least half…
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: 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: What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim…
A: Qualified Expenses: These expenses include the amount that is paid by the taxpayer with respect to…
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: 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: 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 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: A couple applied for a loan to finance the purchase of a new home. What federal act was created to…
A: Introduction:- A loan is the primary option through which one or more individuals, institutions, or…
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: The gross income test for a dependent who is a qualifying relative mandates that the potential…
A: lets understand the basics.As per publication 501 (2023), dependents, standard deduction and filing…
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: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…
A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…
Q: Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are…
A: Introduction: A tax return is an annual statement consisting of all the incomes and expenses of an…
Q: qualifying individual for the purposes of the child and dependent care expenses credit includes all…
A: The dependent care expense credit is a tax credit that can help working taxpayers cover the cost of…
Q: In connection with the application of the kiddie tax,
A: Internal Service Revenue [IRS] of USA tries to prevent tax evasion by…
Q: Klp.3 Demeter is a single taxpayer. Her AGI during the tax year is $175,000. Demeter may claim a…
A: The Child Tax Credit is a duty benefit handed by theU.S. government to eligible taxpayers who have…
Q: Question 25 of 50. Lisa would like to claim her granddaughter, Amani, as her qualifying child so she…
A: Tax relief is made available to families and employees with low to moderate incomes thanks to the…
Q: 1. Taxpayers who are blind get the benefit of: a.An additional amount added to their standard…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 12. Jeremy meets with his tax advisor to discuss the tax consequences of some income his 16-year-old…
A: Giftable property is known as those assets or properties which is transferred from one person to…
Q: Which of the following expenses, if any, is/are deductible? a.Contribution to an IRA. b.Job-hunting…
A: SOLUTION:- Correct answer:- Option C is correct answer Costs involved in maintaining an office in…
Q: Which taxpayer may file as head of household? (If the scenario states the dependent is a qualifying…
A: To file as Head of Household, a taxpayer must meet the following criteria12:Pay for more than half…
Q: Child care expenses are generally deductible by the spouse with higher income in a two parents…
A: When the child care expenses are incurred by two parents household then as per the general of Canada…
Q: Which of the following is a condition a taxpayer must meet to claim injuries spouse? The spouse: A.…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: Select the best answer. of the cousin's A cousin did not live with the taxpayer all year, but the…
A: The concept being referred to in the question is the dependency test used by the Internal Revenue…
Q: estion 3 of 15. A taxpayer must file Form 8862 to claim certain credits after disallowance by the…
A: Withholding Allowance -An exemption known as a withholding allowance lowers the amount of income tax…
Q: Compute the taxable income
A: The standard deduction amounts for 2022 are: Married Filing Jointly or Qualifying Widow(er) –…
Step by step
Solved in 3 steps
- Mark 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 »2AUsing the married filing jointly status, and their income and expense statement, calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the itemized deductions. Explain to the Williamses which method they should use and why.
- LO.4 During 2022, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as follows: father ($30,000), uncle ($50,000), and grandmother ($40,000). a. Who is eligible to claim Jenny as a dependent? b. Who has precedence to claim Jenny as a dependent?Required Information (The following information applies to the questions displayed below.] Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. b. Lauren lives in the condo for 11 days and rents it out for 16 days. O Residence O Nonresidence Next >1. Julius, a married taxpayer, makes gifts to each of his six children. A maximum of twelve annual exclusions could be allowed as to these gifts. a. b. True False
- Mark for follow up Question 30 of 50. Which of the following taxpayers may qualify for the Premium Tax Credit? Each purchased health care coverage through the Healthcare Marketplace, and each received Form 1095-A, Health Insurance Marketplace Statement. None received unemployment income. Alanis. She files single and her tax liability is zero. Caleb. He and his spouse file married filing separately, but live in the same house. Jordan. He files head of household and was eligible for employer-sponsored coverage, but he chose not to enroll in the plan because it would have cost him 5% of his household income. Sydney. She files single and will be claimed as a dependent on her grandmother's return. Mark for follow upUnder what circumstances, if any, can a married person file as a head of household? A. A married person, if otherwise qualified, can claim head of household status only in the first year that he or she can be classified as a surviving spouse. The taxpayer must maintain a household for at least nine months of the year. OB. A married person, if otherwise qualified, can claim head of household status if he or she is married to a nonresident alien or if he or she qualifies as an abandoned spouse. To be an abandoned spouse, the person must have lived apart from his or spouse for the last six months of the year and maintain a household for a qualifying child in which they both live. OC. A married person, cannot claim head of household status, this status is only for single taxpayer that maintain a household for a qualifying child in which they both live. O D. A married person, if otherwise qualified, can claim head of household status only if he or she qualifies as an abandoned spouse. To be…Marry is single. She has modified AGI of $20,000 and social security benifits of $2,000. The social security benifits Mary must include in gross income is?
- Assuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below.Determine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are “members of the household.” Cousin Niece Son b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Stepmother c. Raul, a U.S. citizen,…Benjamin has the following dependents. child age 19 child age 15 mother age 67 How may of these dependents qualify for the $500 nonrefundable Credit for Other dependents in 2021?
