Under 2020 tax law, a child no longer qualifies a taxpayer for the Child Tax Credit in the year the child reaches 1.Age 17 2.Age 18. 3. Age 19 4.Age 19, or age 24 if the child is a full-time student.
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Under 2020 tax law, a child no longer qualifies a taxpayer for the Child Tax Credit in the year the child reaches
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- 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?A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?The Young Child Tax Credit is available to taxpayers who qualify for the California Earned Income Tax Credit and who have at least one qualifying child who is younger than what age? Six years old as of the last day of the taxable year. Seven years old as of the last day of the taxable year. Sixteen years old as of the last day of the taxable year. Seventeen years old as of the last day of the taxable year.
- In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020. Victoria did not file an extension. The tax due on the tax return when filed was $10,000. In 2019, Victoria paid in $16,500 through withholding. Her 2018 tax liability was $14,500. Victoria's AGI for 2019 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?A single taxpayer, under age 65, who is a dependent of another taxpayer, has to file a tax return if their unearned income exceeds more than which amount?
- Rita has an NOL generated in 2020 from farming activity. Which is NOT an option for using the NOL in another tax year? Rita may carry the NOL back to 2015 using Form 1045. Rita may carry the NOL back to 2015 using Form 1040-X. If Rita waives the carryback, she may deduct the NOL as a negative amount on her 2021 Schedule F (Form 1040). If Rita waives the carryback, she may deduct the NOL as a negative amount on her 2021 Schedule 1 (Form 1040), using line 8, Other Income.Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return andexpects her taxes to be the same for 2020. Which of the following statements is correct?Select one:a. Juanita will not be required to pay estimated tax payments for 2020.b. Juanita will not be subject to self-employment tax.c. Juanita should take out a loan to pay her 2020 taxes when she files the return.d. Juanita should make estimated tax payments to avoid an underpayment penalty.The process for employee withholding involves: a. using only a 2020 Form W-4 for all employees to calculate income tax withholding. b. using a 2020 Form W-4 for new employees (all existing employees must use a pre-2020 Form W-4) to calculate income tax withholding. c. the employee provides filing status and the employer completes the Form W-4 and submits to the IRS for proper withholding. d. Existing employees may use either their previous Form W-4 or may complete a new 2020 Form W-4 and new employees must complete a 2020 Form W-4 and the employer uses those forms to calculate income tax withholding.
- When long may a taxpayer defer a Net Activity Loss (NOL) in 2021?Please use the tables below to help you calculate 2023 tax liability (or refund) in each of the following independent scenarios. Please assume that a taxpayer who is eligible for the Earned Income Tax Credit will be able to take the maximum credit amount, even if the taxpayer's AGI puts her in the phaseout range. In other words, for purposes of this problem only, a taxpayer is either not eligible for the credit or eligible for the maximum credit. Also, please use only the two credits below in your calculation. No. of Children 0 1 2 3 or more Credit Rate 50% of your contribution 20% of your contribution 10% of your contribution 0% of your contribution Earned Income Credit (for Single Taxpayers & Head of Household) Tax Year 2023 Maximum Credit Income at Max Credit $7,840 $11,750 Married Filing Jointly AGI not more than $43,500 $43,501 - $47,500 $47,501 - $73,000 more than $73,000 $600 $3,995 $6,604 $7,430 Taxpayers with investment income of more than $11,000 are not eligible for the…For 2018, the Social Security portion of the FICA tax is imposed at a rate of (not including any additional tax for high-income earners): a.6.2 percent for the employee and 7.65 percent for the employer. b.6.2 percent for only the employer. c.6.2 percent for the employee and 6.2 percent for the employer. d.6.2 percent for only the employee. e.None of these choices are correct.
