Question
In: Accounting
Jon and Sara have two dependent ( age 5 and 6 ) Jon earned 40999 in...
Jon and Sara have two dependent ( age 5 and 6 ) Jon earned 40999 in 2017. they had no other income . Sara did not work but was a full time student for 9 months . they paid 4600 in qualifying child care expense for 2 kids during the time Jon worked and Sara at school. What is the correct amount of child and dependent care expense?
473
966
990
1012
2. in July 2017 Elias purchased a new computer system for his business for 3800 . What is the depreciation for the first year, if he opts out of special depreciation ?
380
760
1900
2280
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Jon, Sara, Rohit, and Maria currently earn $100k, $120k, $40, and $20. Assume utility function is...
Jon, Sara, Rohit, and Maria currently earn $100k, $120k, $40,
and $20. Assume utility function is U(y)=(y)^(0.5).
Consider a utilitarian social planner deciding on whether to enact
the following policy: tax 10% for all earnings above $50k, and
transfer it as a lump sum to all earning below $50. Assume further
that 30% of the potential revenue based on current earnings is
“lost” (leaky bucket) due to reduced work incentives.
Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blake’s...
Blake and Valerie Meyer (both age 30) are married with one
dependent child (age 5).
Blake’s gross salary from his corporate employer was $70,000,
and his Section 401(k) contribution was $6,300.
Valerie’s salary from GuiTech, an S corporation, was
$29,400.
Valerie owns 16 percent of GuiTech’s outstanding stock. Her pro
rata share of GuiTech’s ordinary business income was $13,790, her
pro rata share of GuiTech’s net loss from rental real estate was
$8,100, and she received a $12,000 cash distribution...
Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blake’s...
Blake and Valerie Meyer (both age 30) are married with one
dependent child (age 5).
Blake’s gross salary from his corporate employer was $70,000,
and his Section 401(k) contribution was $6,300.
Valerie’s salary from GuiTech, an S corporation, was
$29,400.
Valerie owns 16 percent of GuiTech’s outstanding stock. Her pro
rata share of GuiTech’s ordinary business income was $13,790, her
pro rata share of GuiTech’s net loss from rental real estate was
$8,100, and she received a $12,000 cash distribution...
Mark is a single dad with two dependent children: Joey, age 7, and Sonny, age 3....
Mark is a single dad with two dependent children: Joey, age 7,
and Sonny, age 3. He has an AGI of $39,000 and paid $4,300 to a
qualified daycare center for the two children. What amount can
Jamison receive for the child and dependent care credit?
Mr. and Mrs. Bighead have two dependent children, both attending Temple University. Buford, age 19 is...
Mr. and Mrs. Bighead have two dependent children, both attending
Temple University. Buford, age 19 is a sophomore who received a
1098T from Temple for 2017 showing $15,000 of qualified tuition and
fees. Brunhilda, age 23 attends Temple Law School and she received
a 1098T from Temple showing $25,000 in qualified tuition and
fees.
a)Assuming an AGI on their joint
return for 2017 of $172,000, how much education tax credits do the
Bigheads get to take on their tax return?...
29. LO.1, 3, 6 Terri, age 16, is a dependent of her parents in 2019. During...
29. LO.1, 3, 6 Terri, age 16, is a dependent of her parents in
2019. During the year, Terri earned $5,000 in interest income and
$3,000 from part-time jobs. a. What is Terri’s taxable income? b.
What is Terri’s net unearned income? c. What is Terri’s tax
liability?
Sara Woodyard, age forty-four, plans to retire at age sixty-seven. Her life expectancy, accounting for family...
Sara Woodyard, age forty-four, plans to retire at age
sixty-seven. Her life expectancy, accounting for family medical
history, is age ninety-seven. Tara is single and currently earns
$56,000 per year as a university librarian. At her normal
retirement age, she expects to receive $28,700 in Social Security
benefits (today’s dollars). She will also receive a small defined
benefit pension in the amount of $13,500 from a local municipality.
She has come to you to determine whether she is on track...
Georgette is single, age 66, with 2 dependent children under the age of 12, and 2...
Georgette is single, age 66, with 2 dependent children under the
age of 12, and 2 dependents over age 18 and in college.
Her income is as follows:
Wages from employment $85,000 with taxes withheld of $6,400
Interest from Regions bank $100
Interest from city of Jackson Municipal Bonds $800
Insurance Life Insurance proceeds from dead brother $100,000
Gambling Winnings $4,500
Capital loss on sale of IBM stock $6,000
?
?
He also incurred the following:
?
Medical expenses (before...
Georgette is single, age 66, with 2 dependent children under the age of 12, and 2...
Georgette is single, age 66, with 2 dependent children under the
age of 12, and 2 dependents over age 18 and in college.
Her income is as follows:
Wages from employment $85,000 with taxes withheld of $6,400
Interest from Regions bank $100
Interest from city of Jackson Municipal Bonds $800
Insurance Life Insurance proceeds from dead brother $100,000
Gambling Winnings $4,500
Capital loss on sale of IBM stock $6,000
?
?
He also incurred the following:
?
Medical expenses (before...
Need 5 and 6. The working age population of Shepherdlandia is 2000. The number of employed...
Need 5 and 6.
The working age population of Shepherdlandia is 2000.
The number of employed persons in Shepherdlandia is 1050.
The total labor force in Shepherdlandia is 1140.
1. How many people are unemployed? (1 point) _____________ (2
decimal places)
2. What is the unemployment rate? (2 points) ____________ (2
decimal places)
3. What is the labor force participation rate? (2 points)
______________ (2 decimal places)
4. Bob worked for pay last week for a total of 10 hours....
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