Question

In: Accounting

Prepare a memo which compares and contrasts the relationship test requirements for a qualifying child with...

Prepare a memo which compares and contrasts the relationship test requirements for a qualifying child with the relationship test for a qualifying relative.

Expert Solution

Claiming a dependant in filing Tax return will offer several benefits to the individual. Benefits such as dependent care credit,earned income tax credit can be claimed only if some conditions are Met under Qualifying Child or Qualifying Relative. One of requirement is to pass Relationship Requirement ,there is some similarities and differenes between this test under both.

Compare and Contrast (italics)

Qualifying Child -Relationship Requirement Test

The Qualifying Child Must satisfy this test of Relationship Requirement by either 1 of following:

As a SON or DAUGHTER (which can be natural or Step)

A Sibiling or StepSibiling

A Foster or Adopted hild

Any of this should be the qualified Child to Go for other requirements. If Not (Not passed Relationship Requirement) Still it could be Qualifying Relative.

Qualifying Relative

As Mentioned above Qualifying Relative includes all of the relationship requirements but also includes some more relations such as:

Half Brother or Sister

Parents or Grandparents or Other Direct Ancestors

"sons or daughters-in-law, father or mother-in-law , brothers or sisters-in-law"

"The Individual lived full of the year in taxpayer's principal place of residence, who is also a member individual's household"

And If there is Blood relation nieces, nephews, aunts, and uncles can also be claimed as Qualifying Relative.

Even in Qualifying Relative it should pass all other requirement (otherthan relationship requirement Test ) of a Qualifying Child. Only residence test is not needed for Parents or Grandparent(They Need not live with Tax Payer in case of Qualifying Relative.)

Under Both the Tax Payer Must be providing morethan Half of support to Dependant in a Calender Year.

Dependant's Income Should to less than Personal Exemption Amount.

For Qualifying Relative it consider Stautory Gross Income (Without deduction) to match against Personal exemption to pass the test.

ekkarill92 answered 1 year ago

Using the table function in a Microsoft Word Document, create a table which compares and contrasts...

Using the table function in a Microsoft Word Document, create a table which compares and contrasts the following payments systems: 1. RBRVS 2. RUG’S 3. APC’s Include in your comparison include at least the following elements Classification system(s) used (ICD-10-CM, ICD-10-PCS, CPT, etc.) Health care setting (Inpatient, outpatient, physician office, etc.). Examples of who uses the payment system (Medicare, Medicaid, commercial payers, etc.) Examples of data that is required for the payment system (principle diagnosis, principle procedure, discharge disposition, etc.)

Prepare a report for John that compares and contrasts in detail the advantages and disadvantages of attempting to develop a system in house against purchasing an integrated system such as a proprietary ERP.

Background and Content:John Smith is the CEO of Alpha Manufacturing Pty Ltd. This company manufactures high value products in the form of small model aircraft jet engines that are mainly sold online. The raw materials input for the Jet engines are a series of high value easily marketable items mainly exotic metals and electronic systems that support the engine controllers. There are five models of engine produced, each requiring about 25 components, including screws and fuel connectors. About ten of these...

Prepare a memo for the management of Tesla Motors: Which considers the limitations in the use...

Prepare a memo for the management of Tesla Motors: Which considers the limitations in the use of a traditional budgetary control system in their modern workplace

Exercise 1 Is there a linear relationship between the age at which a child first begins...

Exercise 1 Is there a linear relationship between the age at which a child first begins to speak and the child’s later mental ability? A study was conducted in which the age (in months) at which a child spoke their first words and the score on an aptitude test as a teenager were recorded: PLEASE SHOW WORK Age 15 26 10 9 15 20 18 11 8 20 Score 95 71 83 91 102 87 93 100 104 94 State...

REQUIREMENTS: Prepare, in good form, a Master Budget which includes the following: 1) Sales Budget 2) ...

REQUIREMENTS: Prepare, in good form, a Master Budget which includes the following: 1) Sales Budget 2) Production Budget 3) Direct Materials Purchases Budget 4) Direct Labour Cost Budget 5) Factory Overhead Cost Budget 6) Cost of Goods Sold Budget 7) Selling and Administrative Expenses Budget 8) Budgeted Income Statement 9) Schedule of Collections from Sales 10) Schedule of Payments for Manufacturing Costs Budgets should be for the individual three (3) months of the first quarter of 2019. Include a quarterly...

Out of the following tests, which one is the best child-behavior-rating test for your agency, a...

Out of the following tests, which one is the best child-behavior-rating test for your agency, a private academy? The BASC-2 Behavioral and Emotional Screening System, or the Achenbach System of Empirically Based Assessment, and why?

Using this model: propose a single model with which you can test whether: (a) the relationship...

Using this model: propose a single model with which you can test whether: (a) the relationship between population(POP) and CO2 emissions is nonlinear and quadratic; (b) the relationship between income(GNI) and CO2 emissions is nonlinear and quadratic; (c) the impacts of population and income(GNI) on CO2 emissions are different in different years; and (d) the impact of population(POP) on CO2 emissions is different at higher than at lower income levels. What does your model look like? (Hint: You will have...

1) Hypothesize, test, cause and effect relationship Which isn't a hypothesis for the dramatic increase in...

1) Hypothesize, test, cause and effect relationship Which isn't a hypothesis for the dramatic increase in world population? (a) The invention of antibiotics (b) Increased life expectancy (c) The invention of the printing press 2) Which of the following isn't an important Macroeconomic or Political area that allows a society to progress (a) Productive advances in agriculture (b) Free Market Economic Systems (c) Availability of knowledge (d) Maintaining Power over society (e) Access to knowledge 3) 2 Economic Systems that...

How do you test if there is evidence of a relationship between two things? Which statistically...

How do you test if there is evidence of a relationship between two things? Which statistically test would need to be used?