Demeter is a single taxpayer. Her AGI in 2020 is $209,200.
Demeter may claim a child...
Demeter is a single taxpayer. Her AGI in 2020 is $209,200.
Demeter may claim a child tax credit for her daughter Persephone.
What amount of child tax credit is Demeter entitled to claim after
any applicable phase-out?
Riley is single and has no qualifying child. His AGI is $13,495.
In order to claim the EITC, he must meet all of the following
requirements EXCEPT: *
A. He must be between the ages of 25 and 65.
B. He cannot be the dependent of another taxpayer.
C. He must reside in the U.S. more than half the year.
D. He must earn his income as an employee. He cannot be
self-employed.
Veronica filed as a single taxpayer in 2019. Her AGI was
$249,000, and itemized deductions were $45,600. Her local property
taxes were $15,600 and her state income taxes were $20,000. In
2020, Veronica received a $3,000 refund of the state income taxes
she paid in 2019. The standard deduction for single filers in 2019
was $12,200.
Apply the tax benefit rule to determine the amount of the state
income tax refund included in gross income in 2020.
Becky, 25 years old, is a single taxpayer who uses the standard
deduction. Her AGI is $61,000. After she finished her accounting
degree at Minnesota, she decided to enroll in a local community
college to take one class in art history as a part time student.
The cost of the course was $1500. Compute the amount of
education tax credits available to her in 2020 and specify the name
of the tax credit that she is eligible for.
Lacy is a single taxpayer. In 2020, her taxable income is
$42,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round intermediate
calculations.)
2020 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,875
10% of taxable income
$ 9,875
$ 40,125
$987.50 plus 12% of the...
Tim is a single, cash-method taxpayer with an AGI of $50,000. In
April of this year, Tim paid $900 with his state income tax return
for the previous year. During the year, Tim had $4,600 of state
income tax and $16,500 of federal income tax withheld from his
salary. In addition, Tim made estimated payments of $1,100 and
$1,700 of state and federal income taxes, respectively. Finally,
Tim expects to receive a refund of $420 for state income taxes when...
John Smith is a single taxpayer with an AGI of 162,000. Complete
Mr. Smith’s Schedule A given the following deductions:
1. Medical and dental expenses = 2,400
2. Real estate taxes from rental properties = 1,680
3. State income taxes withheld on W-2 = 6,700
4. Real estate taxes from personal residence = 3,550
5. Mortgage interest = 15,800
6. Investment interest = 130
7. Cash charitable contributions = 1,770
8. Noncash charitable contributions = 10,760
9. Unreimbursed employee expenses...
John Smith is a single taxpayer with an AGI of 162,000. Complete
Mr. Smith’s Schedule A given the following deduction on a Schedule
A Form 1040 2018.
1. Medical and dental expenses = 2,400
2. Real estate taxes from rental properties = 1,680
3. State income taxes withheld on W-2 = 6,700
4. Real estate taxes from personal residence = 3,550
5. Mortgage interest = 15,800
6. Investment interest = 130
7. Cash charitable contributions = 1,770
8. Noncash charitable...
A single taxpayer with modified AGI of $150,000, which includes
$110,000 of salary, $25,000 of interest income, $10,000 of
dividends, and $5,000 of long-term capital gains. What is her net
investment income tax liability this year, rounded to the nearest
whole dollar amount?
Pedro, who is a single
taxpayer, had AGI of $347,200 for 2016. He incurred the following
expenses during the year:
Medical expenses before 10%-of-AGI limitation $20,540
State and local income taxes $10,416
Real estate taxes $2,083
Home mortgage interest $17,360
Charitable contributions $4,166
Deductible investment interest expense $1,562
Compute the amount of
Pedro's itemized deductions after any applicable reductions. Round
your computations to the nearest dollar and use rounded amounts in
subsequent calculations.
Pedro, who is a single taxpayer, had AGI of $328,000 for 2018. He
incurred the following expenses during the year:
Medical expenses before 10%-of-AGI limitation $12,000 State
and local income taxes 8,900
Real estate taxes 1,600
Home mortgage interest 16,000
Charitable contributions 2,200
Deductible investment interest expense 1,700
Compute the amount of Pedro’s itemized deductions after any
applicable reductions.