Question 45 is the one I need help with.

Here are my answers for 44: (they are correct)

44. A. Louis is a dependent because he is 12 years old. Standard deduction is limited to $1,050 and he receives no personal exemption. So, taxable income = interest income standard deduction. Hence, $200 is the taxable income.

B. The amount of standard deduction for a taxpayer who is eligible to claim the standard deduction as a dependent 2021 is calculated to the greater of $1,050 or $350 plus dependents earned income (although cannot exceed $6,300). Jacksons standard deduction is $2,400 ($2050 + $350) and because it is greater than $1050. So his taxable income is $350 ($2,050 + $700 - $2,400).

C. The amount of standard deduction for a taxpayer who is eligible to claim the standard deduction as a dependent 2021 is calculated to the greater of $1,050 or $350 plus dependents earned income (although cannot exceed $6,300). Lorettas gross income is earned income and her municipal bond. Her gross income is $5,600 ($5000 + $600) with the municipal bond excluded. The standard deduction $5350 is ($5000 + $350) and is greater than $1050. So, her taxable income $250 (5600 5350).

D. Evas gross income = stock dividends + interest credited all unearned, which amounts to $2,200 (1,300 + 900). The standard deduction is $1050 so her taxable income would be $1150 (2200 1050).

E. Elaines gross income is $3,000. The standard deduction amount for a taxpayer who is eligible to claim the standard deduction as a dependent in 2021 is calculated to the greater of $1050 or $350 plus dependents earned income (cannot exceed $6,300). Therefore, in this case, the standard deduction would be $3,350 (3000 + 350). This amount is greater than the actual itemized deductions; so the taxable income becomes zero or nothing.

F. Taxable income = interest income standard deduction. So, Gregs taxable income would be $1,450 (2500 1050).

b. What is Heather's maximum deduction if the property is long-term capital a. What is Heath property? gain property? 44. LO5 Determine the taxable income of each of the following dependents for 2021: a. Louis is 12 and receives $1,250 in interest income. b. Jackson is 16. He earns $2,050 from his newspaper route and receives $700 in dividends on GCM stock. c. Loretta is 18 and a full time student. She earns $5,000 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $600. During the year, the bond pays $20 in interest. d. Eva is 15. Her income consists of municipal bond interest of $750, qualified divi- dend income of $1,400, and interest credited to her savings account of $900. e. Elaine is a college student. Her only income consists of $3,000 from her time 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. ortod 45. L05 For each of the dependents in problem 44, calculate the income tax on their taxable income. The parents marginal tax rate is 24 percent and the dependent's is om amod part- 10 percent in each part. 46. LO5 Calculate the 2021 tax liability and the tax or refund duo a. Mark is single with cituation: b. What is Heather's maximum deduction if the property is long-term capital a. What is Heath property? gain property? 44. LO5 Determine the taxable income of each of the following dependents for 2021: a. Louis is 12 and receives $1,250 in interest income. b. Jackson is 16. He earns $2,050 from his newspaper route and receives $700 in dividends on GCM stock. c. Loretta is 18 and a full time student. She earns $5,000 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $600. During the year, the bond pays $20 in interest. d. Eva is 15. Her income consists of municipal bond interest of $750, qualified divi- dend income of $1,400, and interest credited to her savings account of $900. e. Elaine is a college student. Her only income consists of $3,000 from her time 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. ortod 45. L05 For each of the dependents in problem 44, calculate the income tax on their taxable income. The parents marginal tax rate is 24 percent and the dependent's is om amod part- 10 percent in each part. 46. LO5 Calculate the 2021 tax liability and the tax or refund duo a. Mark is single with cituation