tax liability
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- Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.Jake is 27 and nicole 26 are married and filing a joint return jake was employed full time during the year. Nicole worked partime and she also was a full time student at state university. During the uear she paid 3800 in tuition and fees substantiated with form 1098 t she did not receive any scholarship during the year. Nocole meets all requirements to qualify for the American opportunities tax credit . The couple gross income is 47000 theis tax on line 16 and 18 on the 1040 form is 2272 they had no additional taxes. What amount can jack and nicole clain for American opportunities tax credot when they file the 2020 return? Assuming all other requirements are met what is the couple refundable portion of the American opportunities tax credit?PROBLEM: Jose Diaz has a federal tax levy of $4,119.90 against him. If Diaz is single with three personal exemptions and had a take home pay of $1020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy? Federal tax levy amount _________
- Mini Problem 2 Wayne and Wanda are filing MFJ with a 4-year-old dependent child. Wayne worked full time and earned $25,000. Wanda became a full-time student for the fall term (Aug thru Dec) and they have no other income. Their principal place of abode was in the U.S. for the entire tax year. Their federal taxable income was $2,300 and their federal tax liability before any credits is $231. While Wanda was a student, they paid $3,000 for childcare. What is the amount of line 10 from their Form 2441? age Select one: a. $0 b. $1,250 c. $1.750 d. $3,000 O e. None of these Next page Powered by TOPYX 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities us therefore E 1/4/Gloria Black was new employee to ABC Business, she is a single parent living with her 17-year-old son---Mark, who studied fulltime (four months) this year. Mark's tuition fees for 2018 are $6000. Mark is expected to earn $3500 in 2018 andwill not use his tuition credit amount s when filing his personal income tax return(Gloria's Date of Birth: Aug1, 1963, SIN#567 123 789 address: 123 Alpha Rd, Scarborough, ON M2W 3P6) Required :1) Please fill out Gloria's TD1 Form using 2018 Federal TD1 form with basic personal exemption amount: $11,809(Please show me the detailed calculations in one piece of paper and fill out the attached TD1 form)Nova is retired trom a long career working for a company in New Jersey. This year, she decided to permanently move from New Jersey to Texas. The move was completed on April 9th. Nova received $25,600 in retirement income prior to her move. She received an additional $50,100 after moving. How much of Nova's retirement income is taxable on her New Jersey part-year resident return? $0 $25,600 $50,100 $75,700
- Cody and Serena are MFJ taxpayers with two children, Emma, age 10, and Ella, age 21. Ella is a full time student at NAU and Cody and Serena provide all of her support. Cody and Serena have an AGI of $65,000. What is the amount of the other dependent tax credit they can claim for the current year? А. $1,000 В. $500 С. $0 D. $1,500Earned Income Credit. Carolyn is unmarried and has one dependent child, age 6, who lives with her for the entire year. In 2015, she has income of $16,000 in wages and $6,000 in alimony. Her AGI is $22,000. a. What is Carolyn’s tentative earned income credit (before phase out)? b. what is Carolyn’s allowable earned income credit? c. If Carolyn has no income tax liability (before the earned income credit is subtracted), is she entitled to a refund in the current year? d. How will your answers to Part a and b change if Carolyn is married filing a joint returnTina Chatwood is single with no dependants. During the year she had the following amounts deducted from her salary of $70,000: CPP premiums 2,898 El premiums 856 Income tax 4,300 Based on this information, what amount is closest to Tina's total federal tax credits for 2020 that can be claimed on her return. $0 $750 $2,734 $2,547
