Deon is 33 years old. In 2022, he reported an AGI of $11,000, all from his job as a server at the local café. He is single and has no dependents. What amount of earned income credit may he claim in 2022? (Use Exhibit 8-11)
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- Mr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20Give typing answer with explanation and conclusion Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 16, is claimed as a dependent by her parents. For 2023, she has the following income: $5,400 wages from a summer job, $1,820 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
- Exercise 15-21 (Algorithmic) (LO. 3, 4) In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: $ 20,730 Tax liability (round to the nearest dollar): XRequired information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. d. Julie paid $2,400 to the day care center, and her AGI is $14,300 (all salary). Child and dependent care creditRequired information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230
- Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care creditHugo Garcia is preparing his balance sheet and income and expense statementfor the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which,if any, of the following transactions are assets, liabilities, income, or expense items?a. Hugo rents a house for $1,350 a month.b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earringscost $900, but he hasn’t yet received the bill.c. Hugo borrowed $3,500 from his parents last fall, but so far, he has made no payments to them.d. Hugo makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance isrepayment of principal. He has 20 payments left, totaling $4,500.e. Hugo paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received.f. Hugo invested $2,300 in a mutual fund.g. Hugo’s Aunt Lydia gave him a birthday gift of $300.Problem 3-42 (Algorithmic) (LO. 5, 6, 9) David and Ruby are engaged and plan to get married. During 2022, David is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and has wages of $70,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax David Filing Single 5,800 12,950 0 Ruby Filing Single 70,400 12,950 57,450
- ! Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,460 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit b. Julie paid $6,150 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit c. Julie paid $6,300 to the day care center and her AGI is $125,100 (all salary). Child and dependent care credit d. Julie paid $4,300 to the day care center and her AGI is $400,100 (all salary). Child and dependent care credit e. Julie paid $6,300 to the day care center and her AGI is $14,000 ($4,300 salary and $9,700 unearned income). Child and dependent care creditR Carolyn has an AGI of $39,500 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-11) 0 50 O $2,085 O $3,657 O $4,008 O $6.164 % T Q Search (0 & V 8 CO (ONote : Dont post image in this answer Clark moved from Salt Lake City, Utah to Los Angeles, California in November 15, 2022, where he was stationed in the military. He drove his own car for the move, covering a total of 1,250 miles. During the trip, he spent $180 on parking and tolls, $680 on lodging, and $300 on meals. If he chooses to use the Standard Mileage Rate, what amount of his moving expenses can he deduct as an adjustment to income on his 2022 tax return? a) $ 1,220.50 b) $ 920.50 c) $ 781.25 d) $1,160.00
