Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 14, Problem 26AP
Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Compute their child credit if AGI on their joint return is:
- a. $88,300.
- b. $462,700
- c. $200,000 and assume that they have one non-child dependent who meets the requirements for the child credit.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Jeremiah and Jonnie Chaulk are married and have three
dependent children, ages 3, 6, and 9. Assume the taxable
year is 2022.
Required:
1. Compute their child credit if AGI on their joint return
is $99,300.
2. Compute their child credit if AGI on their joint return
is $473,700.
3. Compute their child credit if AGI on their joint return
is $189,000 and assume that they also have one non-
child dependent who meets the requirements for the
child credit.
Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2023.
Required:
a. Compute their child credit if AGI on their joint return is $90,300.
b. Compute their child credit if AGI on their joint return is $464,700.
c. Compute their child credit if AGI on their joint return is $198,000, and assume that they also have one non-child dependent who
meets the requirements for the child credit.
Complete this question by entering your answers in the tabs below.
Required A Required B
Required C
Compute their child credit if AGI on their joint return is $90,300.
Child Credit
Jax files single and claims his son, Zander (20). His adjusted gross income (AGI) is $184,000. What is the maximum amount Jax may potentially be able to claim
for the credit for other dependents?
• SO
$500
o $2,000
o $3.000
Chapter 14 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
Ch. 14 - Prob. 1QPDCh. 14 - Prob. 2QPDCh. 14 - Why is the formula for computing individual...Ch. 14 - Discuss possible tax policy reasons why...Ch. 14 - Prob. 5QPDCh. 14 - Identify the reasons why individual taxpayers...Ch. 14 - Prob. 7QPDCh. 14 - Individuals who plan to bunch itemized deductions...Ch. 14 - Prob. 9QPDCh. 14 - Single individuals Sam and Zelle were married this...
Ch. 14 - Prob. 11QPDCh. 14 - Under the current rate structure, a high-income...Ch. 14 - Prob. 13QPDCh. 14 - Prob. 14QPDCh. 14 - Prob. 15QPDCh. 14 - Prob. 16QPDCh. 14 - Determine Ms. Arnouts filing status in each of the...Ch. 14 - Determine Mr. Jenkinss 2019 filing status in each...Ch. 14 - Mr. and Mrs. Keppner file a joint income tax...Ch. 14 - Prob. 4APCh. 14 - Ms. West is an unmarried individual. Determine if...Ch. 14 - Mr. and Mrs. Ohlson file a joint income tax...Ch. 14 - Ms. Gomez earned a 91,250 salary, and Mr. Hill...Ch. 14 - Mr. Olaf earned an 89,000 salary, and Mrs. Olaf...Ch. 14 - Mr. and Mrs. Daku have the following income items....Ch. 14 - Mr. and Mrs. Simpson have the following income...Ch. 14 - Ms. Timmons, an unmarried individual, has the...Ch. 14 - Prob. 12APCh. 14 - Mr. Coleman, an unmarried individual, has the...Ch. 14 - Mr. and Mrs. Ludwig have the following income...Ch. 14 - Mr. Rogers, an unmarried individual, had the...Ch. 14 - Ms. Ellis, a single individual, has 115,000...Ch. 14 - Ms. Barnes, an unmarried individual, has 196,400...Ch. 14 - Prob. 18APCh. 14 - Mr. Garrett, a single taxpayer, has 15,700 AGI....Ch. 14 - Danny Liu is 20 years old and is considered a...Ch. 14 - Mr. and Mrs. Palio celebrated the birth of their...Ch. 14 - Mr. Masons salary was 397,000, and Mrs. Masons...Ch. 14 - Prob. 23APCh. 14 - Callie is the 11-year-old daughter and dependent...Ch. 14 - Ms. Gleason, an unmarried taxpayer, had the...Ch. 14 - Mr. and Mrs. Chaulk have three dependent children,...Ch. 14 - Mr. and Mrs. Alexander have two dependent...Ch. 14 - Mr. and Mrs. Coulter have four dependent children,...Ch. 14 - On March 31, Mr. Reinhardt quit his job with MT...Ch. 14 - Mr. and Mrs. Lovejoy are married with no dependent...Ch. 14 - Mr. and Mrs. Kigalis AGI (earned income) was...Ch. 14 - Prob. 32APCh. 14 - Prob. 33APCh. 14 - In January, Ms. Northcut projects that her...Ch. 14 - Mr. and Mrs. Brown report taxable income of...Ch. 14 - Prob. 1IRPCh. 14 - Prob. 2IRPCh. 14 - Prob. 3IRPCh. 14 - Mr. Tilton is a 20-year-old college student. This...Ch. 14 - Prob. 5IRPCh. 14 - Prob. 6IRPCh. 14 - Prob. 7IRPCh. 14 - Prob. 8IRPCh. 14 - Prob. 9IRPCh. 14 - Prob. 10IRPCh. 14 - Mr. and Mrs. Marceleno own a sole proprietorship...Ch. 14 - Prob. 12IRPCh. 14 - Prob. 1RPCh. 14 - Prob. 2RPCh. 14 - Mr. and Mrs. Wilson are married with one dependent...Ch. 14 - Prob. 2TPC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Calculate the total child and other dependent credit for the following taxpayers. Please show your work. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8 -year-old son: ______________________________________________________________________ Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children: ______________________________________________________________________ James and Apple have AGI of $417,100, file jointly, and claim three dependent children ages 7,10, and 19): ______________________________________________________________________arrow_forwardRobin and Howie file married filing jointly and have a 13 -year-old daughter. They also provide all the support for Howie's 82 -year-old mother, who lives in a nursing home nearby. The amount of the combined child tax credit and other dependent credit for Robin and Howie is: $0 $1,000 $1,500 $2,000 $2,500arrow_forwardNeville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $89,400. Round all calculations (including all fractions) up to the next whole number. a.  Neville and Julie can claim $.   as a child credit.  b.  They can claim $.   for the child credit if their children are ages 16 and 13.  c.  Assume the same facts as part a except that their adjusted gross income is $409,500. Neville and Julie are allowed a child credit of $.  . Their child credit is reduced by $.  due to their adjusted gross income.arrow_forward
- Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8.b. His AGI is $422,100.arrow_forwardJeremiah and Jonnie Chalk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2022. Required: Compute their child credit if AGI on their joint return is $99,300. Compute their child credit if AGI on their joint return is $473,700. Compute their child credit if AGI on their joint return is $189,000 and assume that they also have one non-child dependent who meets the requirements for the child credit.arrow_forwarda. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Done X Independent Situations a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the…arrow_forward
- In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. Â b, The custodial and noncustodial parent both provide $1,500 of support for the child. Â c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. Â d, All of the above.arrow_forwardKristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability? Â a. $1,860 Â b. $0 Â c. $7,000 Â d. $2,000 Â e. $6,000arrow_forwardMr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2021. Required: Compute their child credit if AGI on their joint return is $106,300. Compute their child credit if AGI on their joint return is $480,700. Compute their child credit if AGI on their joint return is $182,000 and assume that they have one non-child dependent who meets the requirements for the child credit.arrow_forward
- Charles and Ann are married, file a joint tax return, and report AGI of $135,300. They have two "qualifying child" dependent children. Their children are ages 6 and 3. Calculate Charles and Ann's child tax credit. A. $3,500. B. S7,200. C. $6,600. D. $6,000arrow_forwardBenjamin 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?arrow_forward17. Horatio and Magdalena are married, file a joint return, and have two children, ages 3 and 6. Their combined AGI is $55,000. Horatio and Magdalena incur $6,500 of child care expenses during the current year. The child and dependent care credit is A) $600. B) $700. C) $750. D) $900.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
How to Calculate your Income Tax? Step-by-Step Guide for Income Tax Calculation; Author: ETMONEY;https://www.youtube.com/watch?v=QdJKpSXCYmQ;License: Standard YouTube License, CC-BY
How to Calculate Federal Income Tax; Author: Edspira;https://www.youtube.com/watch?v=2LrvRqOEYk8;License: Standard Youtube License