A taxpayer has always lived in New Jersey, but they worked in the state fo New York during the entire year. This taxpayer is concerned because teh state wges on their W-2 for New York are teh same as box 1 in their W-2 for New Jersey. What should the taxpayer do?
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A taxpayer has always lived in New Jersey, but they worked in the state fo New York during the entire year. This taxpayer is concerned because teh state wges on their W-2 for New York are teh same as box 1 in their W-2 for New Jersey. What should the taxpayer do?
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- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.Which one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state? a.The husband and wife must live apart for the entire year. b.The husband and wife must live apart for more than half the year. c.The husband and wife must be in the process of filing for a divorce. d.Only one of the spouses can be working and earning an income. e.None of these choices are correct.If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P3M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.
- A taxpayer spends six months in the year working and living in the state. They move across the border, but keep the same job. For all intents and purposes, they are now domiciled in this other state for the latter half of the year. How much of the income that they receive is considered California source income taxable under the jurisdiction of the FTB? All of it Only the half while the taxpayer was domiciled within the state None of it An apportioned amount based on amounts earned compared between two different time periods of residency and nonresidencyA taxpayer who is domiciled in Virginia is forced to relocate to California under military orders. Their spouse joins them in the move. Are they considered residents of California and do they have California source income? Select one: O a. They are not considered residents of California and neither have California source income. b. They are considered nonresidents of California, but the wife is considered to have California source income for income earned in the state during and after the move. O c. They are both considered California residents because they live and work inside California and both have California source income. O d. They are both considered California residents because they live and work inside California, but the service member is not considered to have California source income.According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 2: Carmelo Morales and Carmen FloresCarmelo Morales was born on January 9, 1968, is a teacher and is married. He had a salary of $42,000 and a withholding tax of $6,000. In addition, he obtained a $5,000 individual retirement account (IRA). Carmelo also received dividends of $5,000 from an investment made in a company. His wife, Carmen Flores, was born on March 22, 1970, works as a secretary and had an income of $30,000 in the taxable year. The couple has no children, has a joint bank account, and received $7,500 in interest from the bank. Carmelo's mother lives with him and is completely dependent on her son, since the woman is disabled and has no income.
- According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 4: Berta JimenezBerta Jiménez is a secretary and is divorced. Her W2 shows a salary of $60,000 and tax withheld of $6,000. Berta is a college student and paid $5,000 for her bachelor's degree tuition. She has a son who was born on March 22, 2013. Berta is an Army Veteran.For the following tax return problem, assume the taxpayer does not wish to contribute to the Presidential Election Fund. In addition, the taxpayer did not sell, receive, exchange or otherwise acquire any financial interest in any virtual currency during the year. If the taxpayers are entitled to the child tax credit, assume they did not receive the advance child tax credit payment for 2021. They will claim the entire tax credit. Maribel Gomez is a single taxpayer, SS# 412-34-5670, living at 5037 Circle Court, Crestview, IL 60543. Maribel is a supervisor whose 2021 shows gross wages of $94,850 and $14,500 of federal withheld. There was social security withholding of $5,881 and Medicare withholding of $1,375 and a state withholding of #2,595. Maribel did not itemize and had the following stock transactions for 2021. Stock Shares Date Purchased Date Sold Sale Price Cost Basis 5,500 7/8/2020 9/12/2021…According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 1: Carlos OrtizCarlos Ortiz is married and has an administrator position in a private company. Carlos' salary for this taxable year was $50,000. He received an inheritance of $80,000 and $12,000 in interest from a cooperative of which he is a member. Carlos files jointly with his wife, who is disabled and receives $12,000 in social security a year. The couple has a 15-year-old son, who is a student.
- Which of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.Consider the following information: A (Click the icon to view the taxpayer information.) Requirement How many dependents does the taxpayer have, assuming the people involved are U.S. citizens? Which dependents qualify for the child credit? (Select "0" if the taxpayer has no dependents. Select "None" if no dependent qualifies for the child credit.) Dependent which qualifies for the child credit Taxpayer information Number of Тахрayer dependents Andrew supports his cousin Mary, who does not live with him. Mary has no income and a. is single. Andrew supports his cousin Mary, who does not live with him. Mary has no income and is single. a. b. Bob and Ann are filing a joint return. Bob provided over one-half of his father's support. The father received Social Security benefits of $6,000 and taxable interest income of $800. The father is single and does not live with them. c. Clay provides 60% of his single daughter's support. She earned $3,000 while attending school during the year as a…For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2021. Explain your answer. Yes? No? and Why Monica is a maid in a San Francisco Hotel. Monica received $500 in unreported tips during 2021 and owes Social Security taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2021?
