Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All questions were previously submitted individually but given wrong answers I wont submit them again one by one as I keep wasting many tries and

All questions were previously submitted individually but given wrong answers I wont submit them again one by one as I keep wasting many tries and support takes ages to refund my questions....

1-In 2019, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $200,000 and Fred would have reported taxable income of $100,000. What is the couples marriage penalty or benefit? (Enter a penalty as a positive and a benefit as a negative)

2-n 2019, Jasmine and Thomas, a married couple, have taxable income of $145,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $130,000 and Thomas would have reported taxable income of $15,000. What is the couples marriage penalty or benefit? (Enter a marriage benefit as a negative.)

4-In 2019, Sheryl is claimed as a dependent on her parents tax return. Sheryl did not provide more than half her own support. She received $7,200 of interest income from corporate bonds she received several years ago. This was her only source of income. She is 16 years old at year-end. What is Sheryls tax liability for the year?

5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $600 from the prior year. What is Nadias AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe AMT last year)?

7=Henrich is a single taxpayer. In 2019, his taxable income is $452,000. His $452,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates. What is his tax liability (including the net investment income tax)?

12-Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Assume that Eva is considered to be self-employed. What is her regular income tax liability for the year?

13-Trey has two dependents, his two daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters if his AGI is $418,000.

19-In 2019, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their AGI is $25,000, consisting of $18,000 of wages and $7,000 of lottery winnings (unearned income). What is their earned income credit if they file jointly?

20-In 2019, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their AGI is $25,000, consisting of $7,000 of wages and $18,000 of lottery winnings (unearned income). What is their earned income credit if they file jointly?

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

Rigos Primer Series CPA Exam Review Financial Accounting Questions And Answers

Authors: Mr. James J. Rigos

2020 Edition

979-8642293720

More Books

Students also viewed these Accounting questions

Question

Identify, list, and describe each of the principles.

Answered: 1 week ago