Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who with her (are under age

a Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who with her (are under age 16) She also maintains the household in which her parents live and furnished 60% of their support. Besides on City of Miami bonds the amount of $5,500 Charlotte's father received $2,400 from a part-time jobCharlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle , and itemized deductions of $10,500
Click here to access the standard deduction table to use, required. If an amount is zero, enter "$0".
a. Compute Charlotte's taxable income .
b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is ____ for 2020
c. Compute Charlotte's child and dependent tax credit.
Charlotte's child tax credit is ____ of which ____ may be refundable and her dependent tax credit is ____ of which ____ may be refundable.
image text in transcribed
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the standard deduction table to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. 58,000 X b. Using the Tax Rate Schedules (click here), tax Hability (before any allowable credits) for Charlotte is sl 6,579 X for 2020. C. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $. 9,000 X, of which 9,000 X may be refundable and her dependent tax credit is $ 9,000 X of which $ 9,000 X may be refundable

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

Wiley CPA Exam Review Auditing And Attestation 2011

Authors: Patrick R. Delaney, O. Ray Whittington

8th Edition

0470554347, 978-0470554340

More Books

Students also viewed these Accounting questions

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago

Question

Solve the integral:

Answered: 1 week ago

Question

What is meant by Non-programmed decision?

Answered: 1 week ago

Question

Evaluate employees readiness for training. page 275

Answered: 1 week ago