What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…

A: There is a limit of set off of Long term capital loss during a limit with taxable income.

Q: Joanna, age 44, defers $24,000 in a qualified Solo § 401(k) plan in 2020. a. What amount must be…

A: Concept used : The deferral limit for 2020 is $19,500.

Q: Rasheed works for Company A, earning $401,000 in salary during 2021. Assuming he is single and has…

A: FICA tax rate limits :- Social security taxes = 6.2% upto $142,800 Medicare tax = 1.45% Additional…

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. •…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Julie, a self-employed individual, is required to make estimated payments of her tax liability for…

A: Estimated Tax: Estimated tax is a prepayment of projected taxes based on the amount of revenue…

Q: nswer to 2 decimal places.) A. Her $44,600 of taxable income includes $3,600 of qualified…

A: Calculation of tax liability in A. Qualified dividend are taxed as capital gains. Therefore, total…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha…

A: Filling a tax return means to fill a form in which a tax payer has to mention his earnings, all his…

Q: Joanna, age 44, defers $24,000 in a qualified Solo § 401(k) plan in 2020.   What amount must be…

A: 401(k) plan: It is a plan designed to fund the retirement benefits of the employees. Under this…

Q: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…

A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: Michelle is an active participant in the rental condominium property she owns. During the year, the…

A: Total Income of Michelle = $ 124,000 + $ 10,900 + $ 3,900 = $ 138,800

Q: On February 1, 2021, Stephen (who is single) sold his principal residence (home 1) at a $100,000…

A: Here in this context Stephen sell the Home one with a gain of $100000 and exclude entire gain on the…

Q: Denise's child tax credit for 2019 is

A: Tax credit is defined as the reduction in the tax liability of the taxpayer. It is known as tax…

Q: A. . Her $44,600 of taxable income includes $3,600 of qualified dividend B. Her $44,600 of taxable…

A: Qualified dividend are taxed as capital gains. Therefore, total tax liability: On non dividend…

Q: Melissa had a $200,000 long-term capital gain when she sold some of her Bitcoin in 2021, bringing…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $66,000. Assume…

A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…

Q: Your uncle has a taxable income of $96,412 last year. If he files as a head of household, what is…

A: Since the Taxable year is not mentioned in the question we are considering the last year 2020 as the…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: Standard deduction refers to the non-taxable portion of income. It is based on the age, filing…

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

Q: In 2020, Marley, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: Henrich is a single taxpayer. In 2020, his taxable income is $450,000. What is his income tax and…

A: Income tax liability: It is the amount of tax a taxpayer is liable to pay on the taxable income…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: 14-year child can get a child tax credit i.e $3,000 And 18 year old can be claimed as dependent i.e…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

Q: Laura is filling her 2021 tax return and is calculating her pesonal exemtion.  Single and age 25…

A: Personal exemption of IRS (Internal Revenue Service) refers to the exemptions which can be claimed…

Q: Sarah is completing her tax return for the year 2021 and calculating her personal exemption. I'm 25…

A: As per income tax Act 1961 As an Assesses file return under section 139  Where the exemption for…

Q: Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for…

A: Gain on equipment sale = selling price - Adjusted basis For first equipment = 17000 - 15500 = 1500

Q: Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment…

A: Solution -  A wages $12500 AGI $12500   B Standard deduction= $12150  greater of $1100 or…

Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…

A: Taxable income: It is the amount of income on which the tax liability of individual and corporation…

Q: Joyce is a widowed taxpayer whose husband Willard passed away on March 31, 2020. Joyce and Willard…

A: Based on the given data, Purchase cost of the home on September 12, 2004 = $215,000 Sale price of…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each…

A: Tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: Tax brackets were created by the IRS to determine how much money you need to pay the IRS…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: A tax is a compulsory contribution or financial charge that is levied by the government on the…

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is $16,000,…

A: Credit for the elderly or permanently and totally disabled is available subject to certain income…

Q: Meredith owns her own business. In 2020, she had business revenue of $268,450 and business…

A: Given that: In 2020, she had business revenue of $268,450 and business deductions of $75,900. She…

Q: Agnes Meher is the owner of LuPat, a profitable construction company that she operates as a sole…

A: Sole Proprietorship is a business done by sole applicant. Partnership is a part of business wherein…

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…

A: The threshold limit is $259,000 for 2020 as defined by IRS for single-member LLC. As per IRS, Form…

Q: 00 Capital loss from sale of stock held 6 months…………………..(4,000) Compute Sarah’s regular taxable…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: Melissa sold some of her Bitcoin in 2021 for a $200,000 long-term capital gain, bringing her total…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: . Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400. Mary…

A: The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 well beyond what…

Q: Kirsy , a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2021,…

A: Correct option is D i.e 12% × 23,000   Explanation:

Q: Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $80,000 and…

A: Tax liability: When the assessee is earned the income of among any of the sources of income then its…

Q: Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated…

A: Tax is the liability which has paid by the individual and the corporation to the Federal Government…

Q: In 2020, Courtney, 16 and a dependent of her mother, had earned income of $4,000 and interest income…

A: Taxable income refers to the income which is subject to tax as per the government's regulations. All…

Q: Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made…

A: Taxable income is the income calculated after multiplying the tax rate by the net income and…

Q: Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of…

A: This question deals with the US tax laws As per tax law, Salary and income are taxable so it needs…