A son qualifies for HOH filing status for a father who lives on his own in an apartment. The son provides over half of his fathers support. The father earns up to 4,400 in gross rental income of which he put 500.00 in savings. True or false
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A son qualifies for HOH filing status for a father who lives on his own in an apartment. The son provides over half of his fathers support. The father earns up to 4,400 in gross rental income of which he put 500.00 in savings. True or false
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- Carolyn has an AGI of $38,000 (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? a. $0 b. $2,401 c. $3,341 d. $3,692 e. $6,164Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000Jax files single and claims his son, Zander (20). His adjusted gross income (AGI) is $184,000. What is the maximum amount Jax may potentially be able to claim for the credit for other dependents? • SO $500 o $2,000 o $3.000
- Bernadette files as head of household and claims her two children, both under age 16. Her 2021 AGI is $44,500. Which credit is most likely to INCREASE if she lowers her AGI by $1,000? A. Earned Income Tax Credit. B. Child and Dependent Care Credit. C. Child Tax Credit. D. Advance payments of the Child Tax Credit.1. Jones and his 6 year old son live with u ones father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?Carolyn has an AGI of $38,000 (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 8-10) Multiple Choice O $0 $1,833 $3,526 $3.995
- Need these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or FalseJones and his 6 year old son live with uones' father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees. a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?
- Tyrese Fields' filing status is head of household. He provides care for his aging uncle and 10-year-old son, both of whom qualify as dependents. At what amount of adjusted gross income does the credit for other dependents totally phase out? OA) $410,000 OB) $210,000 C) $200,000 OD) $400,000Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.In 2021, Denise has two children who are qualifying persons for the Child and Dependent Care Credit, Ethan and Jeffrey. Ethan has $9,000 in dependent care expenses, and Jeffrey has none. Assuming all other tests are met, what amount of expenses is the credit based on? $3,000 $6,000 $8,000 $9,000