Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

H and J are married and file a joint return. Neither is over 65 and both have good vision. V and T are their

 

H and J are married and file a joint return. Neither is over 65 and both have good vision. V and T are their children. V is 22 years old and a full-time student. T is 14 years old. Both children receive greater than one-half of their support from their parents. The following information is known about H and J's income and deductions for the current year: H received a gift of $11,000 H and J's deductions for A.G.I were $4,400 Hand J had a Taxable Income of $69,450 H and J had adjusted gross income of $100,400 Given the information above answer the following questions. In the text box provided, show the tax formula and type the number and your answer. 1) How many of the children meet the definition of a dependency exemptions on H and J's tax return? 2) How many children qualify for the child credit? 3) What is the amount of H and J's itemized deduction? $. 4) What is H and J's total economic income? $. 5) What is H and J's gross income? $.

Step by Step Solution

3.36 Rating (168 Votes )

There are 3 Steps involved in it

Step: 1

1 Exemptions of Dependents x 4000 2 x 4000 8000 V and T both meet the definition of a dependent exem... 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_2

Step: 3

blur-text-image_3

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

Income Tax Fundamentals 2015

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

33rd Edition

9781305177772, 128543952X, 1305177770, 978-1285439525

More Books

Students also viewed these Accounting questions

Question

What is a data scientist? What makes them so much in demand?

Answered: 1 week ago

Question

What is the predetermined overhead allocation rate?

Answered: 1 week ago

Question

What is the difference between risk aversion and loss aversion?

Answered: 1 week ago