If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to determine...

If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to determine who qualifies as a taxpayer’s dependents? Briefly explain.

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If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to determine who qualifies as a taxpayer’s dependents

ekkarill92 answered 1 year ago

Exemptions and deductions are used

Exemptions and deductions are usedA.to add to taxes that must be paid.C.by taxpayers to reduce the amount of income subject to tax.D.to determine what items are subject to sales taxes.

Enumerate allowable deductions and explain the kinds of personal exemptions allowed bases on "Train" Law

Enumerate allowable deductions and explain the kinds of personal exemptions allowed based on "Train" Law.

Problem 3-33 (LO. 3, 4) Determine the number of personal and dependency exemptions in each of...

Problem 3-33 (LO. 3, 4) Determine the number of personal and dependency exemptions in each of the following independent situations. For example: 0, 1, 2, 3, and so on. Personal Exemptions Dependency Exemptions a. Leo and Amanda (ages 48 and 46, respectively) are married and furnish more than 50% of the support of their two children, Elton (age 18) and Trista (age 24). During the year, Elton earns $4,500 providing transportation for elderly persons with disabilities, and Trista receives a...

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...

In each of the following independent situations, indicate the number of personal and dependency exemptions that...

In each of the following independent situations, indicate the number of personal and dependency exemptions that the taxpayers should claim on their 2017 income tax return. If no personal or dependency exemption is allowed, enter "0". If a test is not mentioned, you should consider that it is met. Personal Exemptions Dependency Exemptions 1. Abel is 72 years old and married. His wife is 64 and meets the test for blindness. How many exemptions should they claim on a joint...

Taxpayers normally choose to itemize deductions when itemized deductions exceed the standard deduction. Itemized deductions carry...

Taxpayers normally choose to itemize deductions when itemized deductions exceed the standard deduction. Itemized deductions carry a very strong political/social message. Mortgage interest is deductible, but not consumer interest. The tax code is encouraging debt for home ownership, but not for credit card debt. Another area I get into debate with clients is on lunch expenses. A tradesperson who buys lunch every day is not in travel status, in my opinion. It is a personal expense, and they could bring...

Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions,...

Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2017. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $12,800. Frank and Joyce do not have any dependents. Table for...

Discuss why deductions FOR AGI are generally considered more beneficial to taxpayers than deductions FROM AGI....

Discuss why deductions FOR AGI are generally considered more beneficial to taxpayers than deductions FROM AGI. Give at least two reasons.

Jim files single and has three dependent children. Calculate his deductible; total personal and dependency exemptions...

Jim files single and has three dependent children. Calculate his deductible; total personal and dependency exemptions under the following independent conditions: a. Jim has AGI of $150,000. Amount of deductible total personal and dependency exemption. b. Jim has AGI of $303,000. Amount of deductible total personal and dependency exemption. c. Jim has AGI of $450,000. Amount of deductible total personal and dependency exemption.

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