Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tax Drill - Earned Income Credit Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2015, they earn wages

Tax Drill - Earned Income Credit

Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2015, they earn wages of $34,000 and no other income.

Round your intermediate computations to two decimal places and your final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table.

The earned income credit is $____________

Tax Drill - Child Tax Credit

Santiago and Amy are married and file a joint tax return claiming their three children, ages 12, 14, and 18, as dependents. Their AGI is $140,000.

Santiago and Amy's child tax credit is $__________

Tax Drill - Self-Employment Tax

In 2015, Miranda records net earnings from self-employment of $146,000. She has no other income.

In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar.

Miranda's self-employment tax is $___________ and she has a $__________ deduction FOR AGI.

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_2

Step: 3

blur-text-image_3

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

Safety Health And Environmental Auditing A Practical Guide

Authors: Simon Watson Pain

2nd Edition

1138557153, 9781138557154

More Books

Students also viewed these Accounting questions