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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
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 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.
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