Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time. he earned $72,000 of self-employment

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time. he earned $72,000 of self-employment income. On April 1,2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $220,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate colculations and final answer to the nearest whole dollar amount. Trey has two dependents, his daughters, ages 14 and 18 , at year-end. Trey files a joint return with his spouse. What amount of child tax credit (elther as a child or a quallifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibil 8-8. a. His AG is $102,700. Trey has two dependents, his daughters, ages 14 and 18 , at year-end. Trey files a joint return with his spouse. What amount of chilid tax credit (elther as a child or a qualifying dependent) will Trey be able to clalm in 2023 for his daughters under each of the following altemative situations? Use Exhibit 8-8. b. His AG1 is $441,000. Trey has two dependents, his daughters, ages 14 and 18 , at year-end. Trey files a joint return with his spouse. What amount of child tax credit (elther as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8.8. c. His AGI is $422.200, and his daughters are ages 10 and 12

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

Management Accounting In Health Care Organizations

Authors: David W. Young

3rd Edition

1118653629, 978-1118653623

More Books

Students also viewed these Accounting questions