Question

In: Finance

Using the legend provided below, classify each statement as to the taxpayer for dependency exemption purposes....

Using the legend provided below, classify each statement as to the taxpayer for dependency exemption purposes.

QC = Could be a qualifying child QR = Could be a qualifying relative

B = Could satisfy the definition of both a qualifying child and a qualifying relative

N = Could not satisfy the definition of either a qualifying child or a qualifying relative

a. Taxpayer's father-in-law reports gross income of $3,500 but does not live with her.

b. Taxpayer's child is 25, lives at home but is unemployed.

c. Taxpayer's half-sister, age 18 lives with her and reports gross income of $2,800.

d. Taxpayer's unmarried son, age 17, reports gross income of $15,000 and is a resident of England.

e. Taxpayer's grandfather reports gross income of $3,000, and does not live with him.

f. The taxpayer's aunt reports gross income of $6,800 and lives with her.

g. Taxpayer's eligible foster child, age 14, lives with her and has no gross income.

h. Taxpayer's nephew, age 29, lives with the taxpayer and reports gross income of $1,750.

i. Taxpayer's half-brother is age 27 and a full-time student.

j. Taxpayer's daughter, age 17, lives with her and reports gross income of $6,400.

Solutions

Expert Solution

Ans a)  Taxpayer's father-in-law reports gross income of $3,500 but does not live with her. =B

Ans b) Taxpayer's child is 25, lives at home but is unemployed.=B

Ans c)  Taxpayer's half-sister, age 18 lives with her and reports gross income of $2,800.= B

Ans d)  Taxpayer's unmarried son, age 17, reports gross income of $15,000 and is a resident of England.=N

Ans e) Taxpayer's grandfather reports gross income of $3,000, and does not live with him. QR

Ans F) The taxpayer's aunt reports gross income of $6,800 and lives with her.  =N

Ans g)Taxpayer's eligible foster child, age 14, lives with her and has no gross income. QC

Ans h) Taxpayer's nephew, age 29, lives with the taxpayer and reports gross income of $1,750=N

Ans I)  Taxpayer's half-brother is age 27 and a full-time student.=QR

Ans j) Taxpayer's daughter, age 17, lives with her and reports gross income of $6,400.= QC


Related Solutions

Concerening the dependency exemptions identify each statement by one of these categories: A. Could be a...
Concerening the dependency exemptions identify each statement by one of these categories: A. Could be a qualifying child B. Could be a qualifying relative C. Could be either a qualifying child or a qualifying relative D. Could ne neither a qualifying child nor a qualifying relative ______________________________________________________ 1. A niece who lives with a taxpayer, is 20 years old and earns $5,000 and is a full time student 2. A half brother who lives with a taxpayer 3. A cousin...
Classifying costs; value chain: insurance Using the value chain classifications provided, classify the costs listed below...
Classifying costs; value chain: insurance Using the value chain classifications provided, classify the costs listed below for a major insurance company: research and development (b) design (c) production/delivery (d) marketing (e) customer support. Costs: 1. Salaries of the customer service staff who process customer insurance transactions in their branches. 2. Salaries of the managers who develop new insurance offerings. 3. Cost of IT equipment used by customer service staff. 4. Cost of the central computer systems used to manage and...
Classifying costs; value chain: insurance Using the value chain classifications provided, classify the costs listed below...
Classifying costs; value chain: insurance Using the value chain classifications provided, classify the costs listed below for a major insurance company: (a) research and development (b) design (c) production/delivery (d) Marketing (e) customer support. Costs: 1. Salaries of the customer service staff who process customer insurance transactions in their branches. 2. Salaries of the managers who develop new insurance offerings. 3. Cost of IT equipment used by customer service staff. 4. Cost of the central computer systems used to manage...
Using the formulas provided for the exam, and the balance sheet and income statement shown below,...
Using the formulas provided for the exam, and the balance sheet and income statement shown below, calculate the ratios (1 point each): CORRIGAN CORPORATION: BALANCE SHEET AS OF DECEMBER 31: Cash                                                         72,000 Accounts Receivable                              439,000 Inventory                                                 894,000             Total Current Assets               1,405,000 Land and Building                                  238,000 Machinery                                               132,000 Other Fixed Assets                                    61,000 Total Assets                                         1,836,000                                                           ========== Accounts Payable                                     80,000 Accrued Liabilities                                    45,010 Notes Payable                                         476,990             Total Current Liabilities            602,000 Long-term Debt                                       404,290              Total Liabilities                       1,006,290 Common Stock                                       ...
Using the data for Gronk, Inc. provided below prepare a Statement of Cash Flows for fiscal...
Using the data for Gronk, Inc. provided below prepare a Statement of Cash Flows for fiscal year 2016 in proper format. Gronk, Inc List of Items for Statement of Cash Flows Statement December 31, 2016 (thousands of dollars) Cash and Cash Equivalents, January 1, 2016         66,200 Cash and Cash Equivalents, December 31, 2016                -   increase in accrued expenses           2,300 decrease in prepaid expenses             960 increase in inventories         21,350 decrease in income taxes payable           3,500...
For each of the substances in below classify it as a strong or weak electrolyte and...
For each of the substances in below classify it as a strong or weak electrolyte and state whether it exists in solution as molecules, ions, or a mixture of both molecules and ions. a) hypochlorous acid       b) strontium hydroxide       c) perchloric acid       d) butanoic acid
For the information provided below, prepare a balance sheet statement.
For the information provided below, prepare a balance sheet statement.The value of the land is $100,000 and the value of the building is $1,010,000.The current portion of the bonds payable is $80,000.The current portion of the notes payable is $50,000.The current portion of mortgage payable is $35,000.The marketable securities are being held to be sold if and when cash might be needed.The name of the company is UAN.The amounts shown are the ending amounts from the period from January 1,...
Classify each statement as applying to osmosis, dialysis, or both osmosis and dialysis. Be sure to...
Classify each statement as applying to osmosis, dialysis, or both osmosis and dialysis. Be sure to place all statements. Note: If any part of this question is answered incorrectly, a single red X will appear indicating that one or more of the phrases has been placed incorrectly. -involves the movement of water across a semipermeable membrane -may be used as a way to seperate small molecules and ions from colloids -involves the movement of small particles across a semipermeable membrane...
•Calculate the variance analysis for the information provided below using this problem and the formula provided...
•Calculate the variance analysis for the information provided below using this problem and the formula provided to you. Data: Budget Actual Variance Total Payroll Cost $65,600.00 $78,627.50 $13,027.50 Total Nursing Hours 1600 1850 250 Composite Hourly Pay Rate $30.00 $33.00 $3.00 Patient Days 350 375 25 Formulas to use in calculations for variance analysis: Step #1: Compute the Efficiency Variance. Budgeted nursing hours   / Budgeted patient days = HPPD Budgeted Actual nursing hours / Actual patient days = HPPD Actual...
Explain the various types of excavation then analyse the purposes of using each type.
Explain the various types of excavation then analyse the purposes of using each type.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT