Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.) Marietta will use the single filing status for 2019. She owns shares of stock and during the year, she received dividends from this investment.

1.) Marietta will use the single filing status for 2019. She owns shares of stock and during the year, she received dividends from this investment. She received a 2019 form 1099 Div from the company reporting a distribution of $1000 in total ordinary dividends, shown in box 1 and qualified dividends of $1000 shown inbox 2. Mariwtta's only other income was from wages. Her taxable income for the year was $36,500. How much tax will she owe on the dividend income?

A. $0

B. $120

C. $150

D. $400

2.)Roy(39) is a US citizen. He was married at the beginning of 2019. His wife lived in the household until august. Their divorce was finalized on Sept 30, and roy has not remarried. Roy provided 100% of support for his son, who lived with him all year and is his qualifying child. Roy's most advantageous filling status is?

A. Head of household.

B. Married filing seperate

C. Married filling joint

D. Single.

3.) The maximum amount of taxpayer may claim for the lifetime learning credit is?

A. 2000 per return

B. 2000per eligible student, including the taxpayer, spouse, and any dependent listed on return.

C. 2500 per return

D. 2500per eligible student, including the taxpayer, spouse, and any dependent listed on return.

4.) All-star who is 43 year old and single, earned 10000 in wages in 2019.the maximum amount he can contribute to a traditional IRA for 2019 is?

A. 0$

B.$6000

C. $7000

D. $10000

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

Students also viewed these Accounting questions

Question

LO 4-5 What the trends in business communication are

Answered: 1 week ago

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago