Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Questions 11 through 16 please. 11. For 2019, what is the maximum EIC credit allowed for a taxpayer who has two qualifying children, is not

Questions 11 through 16 please.

image text in transcribed

11. For 2019, what is the maximum EIC credit allowed for a taxpayer who has two qualifying children, is not filing a joint return, and has been separated from his spouse for 3 months? a) $5,828 b) $ 529 c) $6,557 d) $ 0 12. Olga (age 69) and Chris (age 63) are married and filing a joint return. What is their standard deduction for 2019? a) $27,000 b) $24.400 c) $26,050 d) $25,700 13. Mario (age 59) and his wife, Maria (age 51), contributed to a traditional IRA in 2019. Mario had earned income of $35,000 and was not covered by a retirement plan at work. Maria didn't have earned income. What is the maximum total contribution deduction allowed for both? a) $13,000 b) $ 7,000 c) $14,000 d) $12,000 14. Patrick, age 62, works as a school teacher and will pay $5,000 for his long-term care insurance premiums during 2019. He will use the standard deduction. How much of his premiums can he deduct on his federal tax return? a) $4,220 b) $4,160 c) $ 0 d) $5,000 15. Jesse is a traveling salesman for Flawless Face Cosmetics. He drove a total of 23,000 miles in 2019 on behalf of the business. If he uses the standard mileage rate for 2019, how much would he be able to deduct on his Schedule C for use of his personal vehicle? a) $ 3,220 b) $13,340 c) $ 4,600 d) $12,535 16. Sheila has one employer. What is the maximum Social Security tax that can be withheld from Sheila's 2019 wages of $142,900? a) $ 7,960.80 b) $ 8,859.80 c) $ 8,239.80 d) $10,931.85

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

Hotel And Restaurant Accounting

Authors: Cole Raymond

8th Edition

0866125531, 9780866125536

More Books

Students also viewed these Accounting questions