Question
Please answer both question! I realy need that! 2. Determine the taxable income of each of the following dependents in 2016: d. Eva is 15.
Please answer both question! I realy need that!
2. Determine the taxable income of each of the following dependents in 2016:
d. Eva is 15. Her income consists of municipal bond interest of $750, stock dividends of $1,300, and interest credited to her savings account of $900.
e. Elaine is a college student. Her only income consists of $3,000 from her parttime job delivering pizzas. Her itemized deductions total $400.
f. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,500 in interest.
Determine the amount of the child and dependent care credit to which each of the following taxpayers is entitled:
a. Michael and Gladys are married and have a 7-year-old child. Their adjusted gross income is $44,000, and they pay $3,300 in qualified child-care expenses during the year. Michael earns $12,000 and Gladys earns $40,000 from their jobs.
b. Jill is a single parent with an 11 year old daughter. Her adjusted gross income is $24500 and she pays $2100 in qualified child-care expenses.
c. Cory is a single parent who earns $9000 and receives other nontaxable government assistance totaling $5700 during the year. She pays $1600 in qualified child care expenses during the year.
d. Roosevelt and Myrtle are married and have two children. Roosevelt earns $94000 and Myrtle has a part-time job from which she earns $4400 during the year. They pay $4700 in qualified child-care expenses during the year.
e.Randy is single and earns $80000 per year. He maintains a home for his father, who has been confined to a wheelchair since he had a stroke several years ago. Randy's father receives $6000 in Social Security but has no other income. Because his father requires constant attention, Randy hires a helper to take care of his father while he is at work.Randy pays the helper $13000 during the current year.
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