Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Sonny and Claire's adjusted gross income is $156,000 on line 7 of Form 1040. Line 17 on Schedule A is $9,000 and the standard

1. Sonny and Claire's adjusted gross income is $156,000 on line 7 of Form 1040. Line 17 on Schedule A is $9,000 and the standard deduction for a married couple filing jointly is $24,000. What should be entered for the Tax on line 11 of Form 1040?

2. Peter and Lois Griffin have three children, Stewie, Chris, and Meg. The Griffin's tax on line 11 of their From 1040 equals $7,300. They are eligible for the following tax credits:

  • Child and dependent care credit of $79 for Stewie's daycare
  • Child tax credit of $2,000 each for Chris and Stewie (Meg is too old for this credit)
  • They are NOT eligible for the Earned Income Credit
  • Meg's first year of tuition at Quahog Community College was $1,800 and her text books cost $600

Line 12 on Form 1040 equals: ?

3. If Teresa Green's second year of tuition in college was $2,200 and her text books and course related materials cost $200, what is the tax credit allowed?

4.

Johnny and Anita Cash's tax on line 11 of their From 1040 equals $14,000. They are eligible for the following tax credits:

  • Child and dependent care credit of $710 for daycare
  • Child tax credit of $2,000
  • They are NOT eligible for the Earned Income Credit
  • Jerry's first year of tuition was $4,800 and his text books cost $800

Line 12, Total Credits, on Form 1040 equals: ?

5.

Peter and Lois Griffin's tax on line 11 of their From 1040 equals $6,300. They are eligible for the following tax credits:

  • Child and dependent care credit of $87 for Stewie's daycare
  • Child tax credit of $2,000 each for Chris and Stewie (Meg is too old for this credit)
  • They are NOT eligible for the Earned Income Credit
  • Meg's first year of tuition at Quahog Community College was $1,600 and her text books cost $1,500

Line 12 on Form 1040 equals: $ ?

6.

Hap and Lee's tax on line 1 of their From 1040 equals $13,300. They are eligible for the following tax credits:

  • Child and dependent care credit of $58 for daycare
  • Child tax credit of $2,000 each for their two children under 17 years of age
  • They are NOT eligible for the Earned Income Credit
  • Lees first year of tuition at Podunk College was $2,600 and her text books cost $600

Line 12, Total Credits, on Form 1040 equals: ?

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

Horngren S Financial And Managerial Accounting The Managerial Chapters RENTAL EDITION

Authors: Miller-Nobles

1st Edition

0136503748, 978-0136503743

More Books

Students also viewed these Accounting questions

Question

Choosing Your Topic Researching the Topic

Answered: 1 week ago

Question

The Power of Public Speaking Clarifying the

Answered: 1 week ago