Joel Embid, age 60 is single and legally blind. Joel provides more tha 50% of his father's support. His father is 88 years old and also blind. What is Joel's standard deduction for 20227 $12.950 O$14,700 $19,400 $21,150 $22.900 4
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- Edgar pays alimony to his former spouse, Frances, in the following amounts: $150, 000 in year 1 $40, 000 in year 2 $20,000 in year 3 How much, if any, recaptured alimony must be added to Edgar's gross income in year 3? Group of answer choices 0 32,500 112,500 150,000Question 53 of 81. Judee has two qualifying children for the Child and Dependent Care Credit, Emily (4) and D'Andre (8). Judee paid $13,000 for Emily's care, but D'Andre stayed at a friend's house, so there were no expenses for him. Assuming all other tests are met, how much expense can Judee use to calculate her credit? $3,000 $6,000 $8,000 $16,000E) some other nu 6) Sarah had medical expenses including eyeglasses $500, $2,000 dental work, $350 for prescriptions. Her spouse had $350 for prescriptions and the children under age 18 had dental work valued at $500. Sarah has net income of $98,000 and her spouse has no net income. What is the amount of the medical expenses that can be claimed on line 110 on her return for 2023 for her family? A) $3,700 B) $760 C) $1,065 D) $3,200 E) some other number
- 12 Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn can go to work. During the year, Jocelyn paid Trudy $4,000 to care for her son. What is the amount of Jocelyn's child and dependent care credit if her AGI for the year was $30,000? (Exhibit 8-9) Multiple Choice $0 $810 $1,080 $3,000Mabel is 45 and earned $30,000 in 2018. If she contributed $6,000 to her traditional IRA, what would be her excise penalty? . Hannah, age 56, earned $58,000 in 2018. She is also a participant in a qualified plan to which she contributed $18,500. How much can she contribute to a traditional IRA in 2018? $6,500 b. $5,500 c. $0 she is ineligible d. $7,000 In question 3 above, would her contribution to a traditional IRA be tax-deductible? Yes b. No If you own a Roth IRA, are you subject to Required Minimum Distributions? Yes b. No Bernice is age 54 and her granddaughter, age 18, will be attending UMSL in the Fall 2018. Bernice would like to withdraw $15,000 from her traditional IRA to pay for some of her granddaughter’s college expenses. She asks if this withdrawal can be made without a 10% penalty. You tell her: No way b. no 10% penalty c. tax on withdrawal and 10% penalty d. none of these answers. Gus is 72 and works part-time earning $16,000 per year. He asks you whether he…Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. . . Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail's mother, Carmen, after she separated from her spouse in April of 2021. Abigail's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. Advanced Scenario 4: Test Questions 9. For the purpose of determining dependency, Andrea could be the qualifying child of a. Only Carmen b. Only Abigail c. Either Carmen or Abigail d. Neither Carmen nor Abigail 10. Abigail is eligible to claim Andrea for the earned income credit. a. True b. False
- Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. • Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail 's mother, Carmen, after she separated from her spouse in April of 2021. Abigail 's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. • Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. 9. Either Carmen or Abigail can claim Andrea as a dependent. a. True b. False submittedLO.4, 8 Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns 33,000 during 2019. She uses the standard deduction. a. Calculate the amount, if any, of Joyces earned income credit. b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be 39,000; however, she is afraid she will not qualify for the earned income credit. Using after-tax cash-flow calculations, determine whether Joyce should accept the new job offer. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis.LO.6, 8 William, a high school teacher, earns about 50,000 each year. In December 2019, he won 1,000,000 in the state lottery. William plans to donate 100,000 to his church. He has asked you, his tax adviser, whether he should donate the 100,000 in 2019 or 2020. Identify the tax issues related to Williams decision.
- LO.2 Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was 18,000 (300 per day). Medicare paid 8,500 toward the cost of her stay. Belinda also received 5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is 370. What is the effect on Belindas gross income?Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.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% = $1396.20
