South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 3, Problem 1CPA
To determine
Identify the option that shows the most advantageous filing status for the person B.
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Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron?
Select one:
a. $6,500
b. $11,000
c. $13,000
d. $12,000
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 Qualified dependent
Niece Qualified dependent
Son Qualified dependent
Qualifying child
Qualifying child
Qualifying relative
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 Qualified dependent
Stepmother
Not a dependent
Qualifying relative
Qualifying relative
c. Raul, a U.S. citizen, lives in Costa Rica. Raul's household…
11.
Sarah, age 34, is single, and lives with her Mom, Ellen, who is age 66. Sarah has income of $ 32,400 and Ellen has income from a part-time job of $ 12,300 and social security of $ 800 per month. What is Ellen's filing status? Question options: a) Married filing joint b) Head of Household c) Single d) Married filing separate e) Qualifying widow
Chapter 3 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 3 - Prob. 1DQCh. 3 - Which of the following items are inclusions in...Ch. 3 - Which of the following items are exclusions from...Ch. 3 - Prob. 4DQCh. 3 - In choosing between taking the standard deduction...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - During the year, Brandi had the following...Ch. 3 - Prob. 20CECh. 3 - Prob. 21CECh. 3 - Prob. 22CECh. 3 - Prob. 23CECh. 3 - Prob. 24CECh. 3 - Prob. 25CECh. 3 - During the year, Tamara had capital transactions...Ch. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Analyze each of the characteristics in considering...Ch. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51CPCh. 3 - Prob. 52CPCh. 3 - Prob. 1RPCh. 3 - Prob. 2RPCh. 3 - Prob. 4RPCh. 3 - Prob. 1CPACh. 3 - Jane is 20 years old and is a sophomore at Lake...Ch. 3 - Prob. 3CPA
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- Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1117. Devon does not want 3 to go to the Presidential Election Campaign Fund. Devons wife, Ariane, passed away in 2014. Devons son, Tom, who is age 18, resides with Devon. Toms Social Security number is 123-45-6788. Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory; the business operates as Devons Copy Shop, 422 E. Main Street, Albuquerque, NM 87131, IRS business activity code: 453990. His revenues and expenses for 2018 are as follows. Other income received by Devon includes the following. During the year, Devon and his sole proprietorship were involved in the following property transactions. Stock transactions were reported to Devon on Form 1099B; basis was not reported to the IRS. a. Sold Blue, Inc. stock for 45,000 on March 12, 2018. He had purchased the stock on September 5, 2015, for 50,000. b. 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The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.arrow_forward
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