Which one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state? a.The husband and wife must live apart for the entire year. b.The husband and wife must live apart for more than half the year. c.The husband and wife must be in the process of filing for a divorce. d.Only one of the spouses can be working and earning an income. e.None of these choices are correct.

Q: If a taxpayer does not have enough tax liability to use all the available adoption credit, the…

A: Adoption Credit: Adoption of a child needs certain basic expenses like court and attorney fees and…

Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their…

A: Tax is the amount that is charged by the tax authority from the individual and companies on their…

Q: If husband and wife are both employed, which is correct regarding their income tax exemption in the…

A: As per our protocol we provide solution to the one question only and you have asked more than one…

Q: Which of the following tax credits can not be transferred to a spouse? The age credits The…

A: As per the guidelines, only one question is allowed to be answered. Please resubmit the questions…

Q: Problem #1. Your uncle has a taxable income of $96,412 last year. If he files as a head of…

A: Solution #1: If he files as a head of household- Taxable income = $96,412 Tax = $12,698 + 24% of the…

Q: Bob's only source of income is from his consulting business operated as a sole proprietorship.…

A: As per our protocol we provide solution to one question only but as you have asked different…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: Amount of AMT Deduction phases out or decreases 25% for every increase in AMTI above $1,047,200…

Q: Jose is a single taxpayer who is self-employed and who also owns a rental property. Given the…

A: Adjusted Gross Income: It is the taxable income of an individual from all sources such as business…

Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…

A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…

Q: Which expenses are deductible FOR AGI?   Select one: a. Loss on a sale of a personal residence and…

A: Expenses are the costs which are incurred by the person in a particular period of time. Some…

Q: In 2021, Miranda records net earnings from self-employment of $158,500. She has no other income.…

A: GIVEN DATA   In 2021, Miranda records net earnings from self-employment of $158,500.   She has no…

Q: Using the tax table in Exhibit 4-6, determine the amount of taxes for the following situations:…

A: Table used:

Q: 1. Which of the following is not a goal of the tax law?   a.  Ensuring that all persons pay the…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Geraldine is an accrual basis taxpayer who has the following transactions during the current…

A: Calculate Geraldine’s net income from her business for the current year as shown below:

Q: Their income tax would be ​$______.

A: Income Tax : Income tax expense refers to the amount of expense that a business pays or recognizes…

Q: Allen and Charlotte  married in 2020 the file a joint return  for the yeard but irs off set because…

A: Tax refers to the amount charged by the government from individuals and organizations on the income…

Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…

A: An itemised deduction is expense that can be deducted from adjusted gross income to lower  taxable…

Q: Mr. and Mrs. Schrute filed a joint tax return last year. The couple divorced this year. The IRS…

A: Answer:-  Tax return meaning:- A tax return is basically a piece of documentation that is submitted…

Q: If an individual is claimend as a dependent by another taxpayer, qualified tuition and expenses paid…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: AMTI is alternate minimum tax amount that needs to be paid by the companies. This is different from…

Q: Determine whether the taxpayer in each of the following situations is in constructive receipt of…

A: Constructive receipt of income is an accounting concept under which an individual or business entity…

Q: Meghan gives May (not Meghan’s spouse) a gift of $34,000 (plus 4905)  in 2021.  Meghan is married…

A: If Meghan files a joint return with her spouse, then the total exemption allowed is $30,000 ($15,000…

Q: Lauren owns a condominium. In each of the following alternative situations, determine whether the…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: A)If a married couple files separate returns, both must claim the standard deduction (rather than…

A: Standard deduction is a fixed amount that reduces the taxable income . The standard deduction amount…

Q: taxpayers does not have to file a tax return

A: Tax return refers to the completion of documentation that tries to calculate the net income earned…

Q: Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax…

A: Progressive Slab Rate: It is a system in which the rate of taxation rises as taxable income rises.…

Q: Consider the following couple, who are engaged to be married. Assume that each person takes one…

A: There are 5 filing status under the IRS with specified tax brackets. They are as follows:- Single;…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: Since Olga is married and files Joint Return, the appropriate exemption would be $114,600. However,…

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Can he revoke his registration the following year opts to pay decides that he wants revert back as…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Consider the following​ couple, who are engaged to be married. Assume that each person takes one…

A: Caluclating Taxable income of Rebecca Rebecca's Gross income      =    $96400 ( - ) Standard…

Q: A woman is in the 25% tax bracket and claims the standard deduction. How much will her tax bill be…

A: Standard deduction: It is the reduction in total income, which in turn would result in a reduction…

Q: Lauren owns a condominium. In each of the following alternative situations, determine whether the…

A: A condominium can be treated as residence for tax purpose when it fulfills the following conditions…

Q: How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying…

A: Dependent:   A dependant is a qualifying individual who entitles a tax-payer to claim certain tax…

Q: A married taxpayer files a separate tax return from his wife and does not participate in an…

A: Modified Adjusted Gross Income (MAGI) can be defined as the AGI added a few adjustments added back…

Q: The tax legislator exempts one home if it is occupied by the parents or the sons and brothers of the…

A: Tax on property is computed as the actual rent received by the owner of the property during the year…

Q: What tax forms are needed for the following example? Tim and Sarah Lawrence are married and filing a…

A: Step 1: Compute the taxable income for Tim and Sarah for the year for 2019.

Q: Which of the following would constitute tax evasion?   a. Henry salary sacrifices future income…

A: Tax evasion means when the individual does not show their actual income or does not show any income…

Q: , Martin had two employers during the year. Both employers withheld Social Security tax from his…

A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent: A dependent is a person who is financially reliant on another person, and this might…

Q: Jerry, a cash basis taxpayer, rents office space for his business. He pays $12,000 on September 1 of…

A: Under the cash method, expenses are allowed to be deducted when cash is paid for the expense…

Q: a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the…

A: Tax refers to the amount charged by the government to the individuals and organizations on the…

Q: Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole…

A: Qualified business income (QBI) deduction: Qualified business income deduction is the amount that…

Q: Caleb is a resident of the fictional state of Vernetticut. Vernetticut begins its income tax…

A: Tax is a charge which is the charged on the taxable income of a taxpayer on the taxable income which…

Q: which of the following is not a covid-19 tax relief provision available to a self-employed taxpayer?…

A: Step 1 Tax relief is an initiative that is designed to reduce the amount of taxes paid by…