Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer 5-9. thank you no other information these are the question on the page nothing else is provided. 5. Under $163, what is the

please answer 5-9. thank you image text in transcribed
no other information these are the question on the page nothing else is provided.
5. Under $163, what is the maximum amount, expressed in fixed dollar amounts, that can be deducted for mortgage interest? a $10,000 b. $15,000 c. $20,000 d. None of the above 6. In 2019, Maria, a single woman, paid student loan interest of $3,600. Maria's adjusted gross income in 2019 was $72,000. If the phase-out for student loan interest is $65,000 to $80.000 for single taxpayers, how much student loan interest can deduct for the 2019 tax year? Answers are rounded to the nearest whole dollar. a. $1,167 b. $1,333 C. $1,920 d. None of the above. 7. Which of the following children will the Kiddie Tax Rule NOT apply in 2019? Assume full support for each of these children is $24,000 per year and the child's age is stated for the end of the year. a. Alec is age 19 and has unearned income of $1,900. He has a job in which he earns $13,000 in 2019. He is not a student. b. Samantha is age 18, a full time student and has unearned income of $2,500. Samantha is not employed. c. Kelly is age 7 and has unearned income of $8,000 in 2019. Of course, Kelly is not employed but does receive an allowance of $10 per week. d. The Kiddie Tax will apply to all three. 8. Carmelo is age 44 and single. He takes care of his disabled uncle, Marcus, who is age 79. Carmelo claims Marcus as his dependent since Marcus passes all the tests for a qualifying relative. On occasion, Carmelo has hired an independent caregiver (not a relative or any related party) to take care of Marcus while Carmelo is at work. Marcus paid this caregiver $5,000 in 2019 when Carmelo's AGI was $35,000. How much of this dependent care expense will Carmelo receive under the Dependent Care Credit rules? a. $1,750. b. $1,250 c. $750 d. None of the above 9. Which of the following items can be excluded from a taxpayer's gross income under all circumstances? a. Debt forgiveness b. Disaster relief payments c. Foster care payments d. None of the above

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

21st Edition

978-1259916984

More Books

Students also viewed these Accounting questions