Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard

1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction?

2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability?

3) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple support agreement can use the head of household filing status even if the parents live in a nursing home. T or F

4) Rex and Roxanne are married and will file a joint return in 2014 (if required). Rex is 59 and blind, while Roxanne is 66 and in good health. At what exact amount of gross income will they be required to file a return?

5) Assume a married person (i.e., decedent) with no dependents dies during the year, and his/her spouse remarries the same year and files a joint return with his/her new spouse. What filing status will the decedent use when filing his last tax return. A) Single B) married filing jointly C) head of household D) married filing seperately

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Health And Safety Audits A Compendium Of Thoughts And Trends

Authors: Lawrence B. Cahill

2nd Edition

1598889737, 978-1598889734

More Books

Students also viewed these Accounting questions

Question

C13.4. What drives growth in residual operating income?

Answered: 1 week ago

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago