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married filing jointly
gross income =89700
retirement contribution =4200
itemized deductions =19420
Net income after deductions =89700-4200-19420=66080
Tax paid=9333
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- Which of the following statements does not apply to Coverdell education savings accounts? Group of answer choices A. Contributions up to $2,000 per child can be made each year B. Contributions must be for a beneficiary under the age of 18 C. When the beneficiary reaches age 30, unused amounts are distributed to the parent who is taxed on any accumulated earnings. D. Qualifying educational expenses include tuition, books, supplies, and room and board E. All of the above.Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
- For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000Carmen is the beneficiary of an RESP. She just received an educational assistance payment of $5,000. Prior to the payment, her RESP had investment income of $23,000 and a CESG balance of $1,600. What portion of CESG is paid out in the EAP amount of $5000? Round all your calculations to the nearest dollar. Correct answer with explanation needed.Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. Suppose your friend earned wages of $93,950, received $1,310 in interest from a savings account, and contributed $6,500 to a tax-deferred retirement plan. She is entitled to a personal exemption of $4050 and a standard deduction of $6,300. The interest on her home mortgage was $4,700, she contributed $2,300 to charity, and she paid $1,375 in state taxes. A) $95,260; $88,760; $78,410 C) $101,760; $97,710; $91,410 B) $101,760; $97,710; $89,335 D) $95,260; $88,760; $76,335
- A earned wages of $38,500, received $2500 in interest from a savings account, and contributed $3900 to a tax-deferred retirement plan. was entitled to a personal exemption of $2500 and had deductions totaling $5260. Find gross income, adjusted gross income, and taxable income.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Adrian was awarded an academic scholarship to State University for the 2021–2022 academic year. He received $6,500 in August and $7,200 in December 2021. Adrian had enough personal savings to pay all expenses as they came due. Adrian's expenditures for the relevant period were as follows: Tuition, August 2021 $3,700 Tuition, January 2022 3,750 Room and board August–December 2021 2,800 January–May 2022 2,500 Books and educational supplies August–December 2021 1,000 January–May 2022 1,200 What amount, if any, must Adrian include in his gross income for 2021 and 2022? If an amount is zero, enter "0". 2022: $fill in the blank f1e429096fd0f81_2
- What is the net Form W-2 wages? Paul earned salary of $88,000 (before subtracting his 401(k) and flexible spending plan contributions and before adding any additional possible income items described in paragraphs 4-7, 11). He contributed $7,200 to his 401(k) account, and he contributed $2,600 to his flexible spending account to purchase additional health insurance. ASCI paid $632 of whole life insurance premiums to cover Paul's personal whole life insurance policy with a face value of $50,000. ASCI also paid health club dues of $825 to a nearby health club on Paul's behalf. Taking advantage of ASCI's educational assistance program, during the fall Paul enrolled in two graduate engineering classes at a local college. ASCI paid his tuition, fees, and other course-related costs of $5,300. Paul received free parking in the company's security garage that would normally cost $200 per month. Paul manages the safety program for ASCI. In recognition of his superior handling of three potential…5) During 2019 you have net employment income of $40,000, a net property loss of $16,000, interest income of $6,000, and income from royalties of $7,000. The royalties were on a book you wrote. You do not have Unused RRSP Deduction Room from previous years. Your employer contributed $3,000 to your RPP. Your maximum deductible Registered Retirement Savings Plan contribution for 2020 is: A) $3,660. B) $1,320. C) $5,580. D) $2,580.In which of the following cases would you have a present obligation You enrolled in school and were assessed tuition fee. However, because you qualified for a 100% scholarship, your school cancelled your tuition fee, including miscellaneous fees. Your school even committed on giving you monthly allowance. You intend to enrol in a school but you don’t have money for tuition fee. You enrolled in school and paid in full your tuition fee. Your father gave you money for tuition fee but you have not yet enrolled.