MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 6, Problem 48P
Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2019 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie’s parents will claim her as a dependent).
- a) Stephanie reported $850 of earnings from her babysitting.
- b) Stephanie reported $1,500 of earnings from her babysitting.
- c) Stephanie reported $18,000 of earnings from her babysitting.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2019 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie’s parents will claim her as a dependent).
Stephanie reported $975 of earnings from her babysitting.
Standard deduction?
[The following information applies to the questions displayed below.]
Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2019 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie’s parents will claim her as a dependent).
b. Stephanie reported $1,725 of earnings from her babysitting.
Standard deduction?
Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2022
standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents
will claim her as a dependent).
b. Stephanie reported $1,995 of earnings from her babysitting.
Standard deduction
Chapter 6 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
Ch. 6 - It has been suggested that tax policy favors...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Explain why Congress allows self-employed...Ch. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Describe the mechanical limitation on the...Ch. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Jake is a retired jockey who takes monthly trips...Ch. 6 - Frank paid 3,700 in fees for an accountant to...Ch. 6 - Contrast ceiling and floor limitations, and...Ch. 6 - Prob. 18DQCh. 6 - Prob. 19DQCh. 6 - Explain how the standard deduction is rationalized...Ch. 6 - Prob. 21DQCh. 6 - Prob. 22DQCh. 6 - Prob. 23DQCh. 6 - Prob. 24PCh. 6 - Don Juan, a single taxpayer, is the sole owner of...Ch. 6 - Prob. 26PCh. 6 - Prob. 27PCh. 6 - Prob. 28PCh. 6 - Lionel is an unmarried law student at State...Ch. 6 - Prob. 30PCh. 6 - Prob. 31PCh. 6 - In each of the following independent cases,...Ch. 6 - Prob. 33PCh. 6 - Prob. 34PCh. 6 - This year Tim is age 45 and is considering...Ch. 6 - Doctor Bones prescribed physical therapy in a pool...Ch. 6 - Charles has AGI of 50,000 and has made the...Ch. 6 - Prob. 38PCh. 6 - Prob. 39PCh. 6 - This year Randy paid 28,000 of interest. (Randy...Ch. 6 - This year, Major Healy paid 40,000 of interest on...Ch. 6 - Prob. 42PCh. 6 - Calvin reviewed his cancelled checks and receipts...Ch. 6 - Prob. 44PCh. 6 - Prob. 45PCh. 6 - Prob. 46PCh. 6 - Prob. 47PCh. 6 - Stephanie is 12 years old and often assists...Ch. 6 - Roquan, a single taxpayer, is an attorney and...Ch. 6 - Prob. 50PCh. 6 - This year Evan graduated from college and took a...Ch. 6 - Read the following letter and help Shady Slim with...Ch. 6 - Jeremy and Alyssa Johnson have been married for...Ch. 6 - Prob. 54CPCh. 6 - Joe and Jessie are married and have one dependent...
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
- In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________arrow_forwardJoy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.arrow_forwardStephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2021 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie’s parents will claim her as a dependent). Problem 6-53 Part-a (Algo) a. Stephanie reported $1,300 of earnings from her babysitting. standard deduction b. Stephanie reported $2,310 of earnings from her babysitting. standard deduction c. Stephanie reported $18,955 of earnings from her babysitting. standard deductionarrow_forward
- Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $13,700 of earnings from her babysitting. Calculate the 2022 standard deduction Stephanie will claim (assume that Stephanie’s parents will claim her as a dependent).arrow_forward! Required information [The following information applies to the questions displayed below.] Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2021 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). b. Stephanie reported $1,500 of earnings from her babysitting. Standard deductionarrow_forward! Required information [The following information applies to the questions displayed below.] Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2021 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). a. Stephanie reported $850 of earnings from her babysitting. Standard deductionarrow_forward
- Taylor, age 17, is claimed as a dependent by her parents. For 2021, she has the following income: $3,800 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2021 is $________ Taylor's taxable income for 2021 is $______ b. Compute Taylor's "net unearned income" for the purpose of kiddie tax. _______ Compute Taylor's tax liability. [Her parents file a joint return and have a taxable income of $135,000 (no dividends or capital gains).______arrow_forwardA) Samantha, age 16, is claimed as a dependent by her mother. During 2020, she had interest income from a savings account of $2,000 and earnings from a part-time job of $950. What is Samantha's taxable income for 2020? b)Tamara supports the following individuals during the current year: Peter, her former father-in-law who lives in her own home and has no gross income; her cousin, Hannah, age 21, who is a full-time student, earns $5,000 during the year, and lives with Tamara all year long, and Evan, age 19, who is Hannah's brother, is a full-time student living on campus and earns $2,000 during the year. How many personal and dependency exemptions may Tamara claim?arrow_forwardJada is a 16-year-old child who is claimed as a dependent by her parents. Jada's only income is $1,400 from her savings account. What is the amount of Jada's standard deduction for 2023? a. $1,250 b. $13,850 c. $1,850 d. $1,400arrow_forward
- Bernadette files as head of household and claims her two children, both under age 16. Her 2021 AGI is $44,500. Which credit is most likely to INCREASE if she lowers her AGI by $1,000? A. Earned Income Tax Credit. B. Child and Dependent Care Credit. C. Child Tax Credit. D. Advance payments of the Child Tax Credit.arrow_forwardAnn is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.arrow_forward
arrow_back_ios
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