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12. Adelia's husband passed away this year, leaving her a widow with four children, three of the four still young enough to be qualifying children.
12. Adelia's husband passed away this year, leaving her a widow with four children, three of the four still young enough to be qualifying children. Her oldest daughter is no longer a qualifying child, but she started college this year, and her tuition cost them $9,970. Adelia earned $71,453 this year in wages. Explain why she does or does not owe income tax. Your calculations should use only the tax information provided in the Simplified Tax Information for 2020 Federal Taxes pages from your course pack (pgs 109 - 113). a. (4 pts) (w) Which tax credit(s) does she qualify for? List the name(s) below, with amounts. b. (2 pts) What is her filing status? (Feel free to search her situation online to figure this out.) C. (4 pts) (w) Write down her standard deduction, and then calculate her taxable income: d. (3 pts) List the tax bracket formula you will be using to calculate her Total (Federal) Tax (from page 113 in the course pack) e. (4 pts) (w) Calculate her Tax Owed or Refund. Do not include FICA taxes, since they were already taken out of her income before she received her paychecks. 12. Adelia's husband passed away this year, leaving her a widow with four children, three of the four still young enough to be qualifying children. Her oldest daughter is no longer a qualifying child, but she started college this year, and her tuition cost them $9,970. Adelia earned $71,453 this year in wages. Explain why she does or does not owe income tax. Your calculations should use only the tax information provided in the Simplified Tax Information for 2020 Federal Taxes pages from your course pack (pgs 109 - 113). a. (4 pts) (w) Which tax credit(s) does she qualify for? List the name(s) below, with amounts. b. (2 pts) What is her filing status? (Feel free to search her situation online to figure this out.) C. (4 pts) (w) Write down her standard deduction, and then calculate her taxable income: d. (3 pts) List the tax bracket formula you will be using to calculate her Total (Federal) Tax (from page 113 in the course pack) e. (4 pts) (w) Calculate her Tax Owed or Refund. Do not include FICA taxes, since they were already taken out of her income before she received her paychecks
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