Question
In: Accounting
1) Tony and Lisa are married and file a joint return. They have two children, ages...
1) Tony and Lisa are married and file a joint return. They have two children, ages 2 and 4. Their combined AGI is $86,300. Tony's earned income is $50,000; Lisa's is $36,300. They incur $6,200 in child care expenses ($3100 per child) to enable them to be employed during the current year. Their child and dependent care credit is
|
$6,200. |
||
|
$1,240. |
||
|
$1,200. |
||
|
$6,000. |
2) Connie has AGI of $90,000 and owns rental property generating a $27,000 loss. She actively manages the property. Her deductible loss is
|
$0. |
||
|
$13,500. |
||
|
$25,000. |
||
|
$27,000. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Tony and Jeannie Nelson are married and file a joint return. They have four children whose...
Tony and Jeannie Nelson are married and file a joint return.
They have four children whose ages are: 12,15,19 & 23. The
three youngest live at home with their parents and qualify as their
dependents. The oldest Roger got married on 5/5 2019 and lives with
his wife, Jane. The 19-year old Tabitha is studying Fine Arts at
Savannah College of Art & Design. During the summer she helps
her mother put together the art exhibits. They provide you with...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose...
Tony and Jeannie Nelson are married and file a joint return.
They have four children whose ages are: 15,17,19 & 23. The
three youngest live at home with their parents and qualify as their
dependents. The oldest Roger got married during 2017 and lives with
his wife, Jane. They provide you with the following information
regarding their 2017 tax return: 1. Tony Nelson is an aerospace
engineer he runs an engineering firm, Nelson Engineering, as a
sole-proprietorship and has very...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose...
Tony and Jeannie Nelson are married
and file a joint return. They have four children whose ages are:
15,17,19 & 23. The three youngest live at home with their
parents and qualify as their dependents. The oldest Roger got
married during 2017 and lives with his wife, Jane. They provide you
with the following information regarding their 2017 tax return:
1) Tony Nelson is an aerospace engineer he runs an engineering
firm, Nelson Engineering, as a sole-‐proprietorship and has very...
Barb and Barney are married and file a joint return. They have two children, Lulu and...
Barb and Barney are married and file a joint return. They have
two children, Lulu and Zoe, that live at home and whom they fully
support. Lulu is 9 and Zoe is 13 years old. In order for Barb and
Barney to both work, they pay care providers to take care of Lulu
and Zoe after school. The total care cost for the year were: Lulu
$4,800, and Zoe $3,800. During the year Barb earned salary of
$24,500 and Barney...
Kyle and Tess Water are married, file a joint return, and have two dependent children in...
Kyle and Tess Water are married, file a joint return, and have
two dependent children in college, Luke and Taylor. Luke attends a
State University in a neighboring state, and Taylor attends a State
University in their home state. Neither receives any type of
financial assistance. The Water modified AGI in 2017 is $119,000.
The children's classifications and expenses are as follows:
Spring Semester
(paid in January 2017) (paid in July 2017)
Luke: Senior Master's candidate
Tuition $7,400 $8,200
Laboratory...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie...
Matt and Carrie are married, have two children, and file a joint
return. Their daughter Katie is 19 years old and is a full-time
student at State University. During 2017, she completed her
freshman year and one semester as a sophomore. Katie’s expenses
while she was away at school during the year were as follows: Use
Tax Rate Schedule for reference.
Tuition
$
5,000
Class fees
300
Books
500
Room and board
4,500
Katie received a half-tuition scholarship that...
Dan and Cheryl are married, file a joint return, and have no children. Dan is a...
Dan and Cheryl are married, file a joint return, and have no
children. Dan is a pharmaceutical salesman and Cheryl is a nurse at
a local hospital. Dan's SSN is 400-20-1000 and Cheryl's SSN is
200-40-8000 and they reside at 2033 Palmetto Drive, Nashville, TN
28034. Dan is paid according to commissions from sales; however,
his compensation is subject to withholding of income and payroll
taxes. He also maintains an office in his home as the
pharmaceutical company does not...
Dan and Cheryl are married, file a joint return, and have no children. Dan is a...
Dan and Cheryl are married, file a joint return, and have no
children. Dan is a pharmaceutical salesman and Cheryl is a nurse at
a local hospital. Dan's SSN is 400-20-1000 and Cheryl's SSN is
200-40-8000 and they reside at 2033 Palmetto Drive, Nashville, TN
28034. Dan is paid according to commissions from sales; however,
his compensation is subject to withholding of income and payroll
taxes. He also maintains an office in his home as the
pharmaceutical company does not...
Problem 1: John and Mary are married and file a joint return claiming their three children...
Problem 1: John and Mary are married and file a joint return
claiming their three children ages 4, 5, and 18, as dependents.
Their AGI is $125,400 and their pre credit tax liability is $13,
431. They are not claiming any other tax credits in 2019. Complete
the Child Tax Credit Worksheet Parts 1 and 2 to determine John and
Mary’s child tax credit for 2019.
Problem 2: Jose and Jamie have a 5-year-old child. Jose has a
salary of...
Julien and Sarah are married, file a joint return with AGI of $126,000, and have two...
Julien and Sarah are married, file a joint return with AGI of
$126,000, and have two dependent children, Kaya and Christopher.
Kaya just finished her third year at college and Christopher just
finished his first year of graduate school (fifth year of college).
Qualified education expenses for 2019 were $4,000 for Kaya and
$5,000 for Christopher.
Compute the following amounts for Julien and Sarah's education
credits for 2019 :
a: American Opportunity Credit before any phaseout
b: American Opportunity Credit...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Singh Development Co. is deciding whether to proceed with Project X. The cost would be $12...
- CS2123 Data Structures - Fall 2019 Assignment 1: Function Runtimes Table Due 9/11/19 by 11:59pm Completing...
- Question 2. Design a 16-1 MUX using any number of lower MUXs, such as 8-1 or...
- . Write a function that takes, as arguments, two objects, value1 and value2. If
- Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market...
- Consider the distillation of ethanol (C2H5OH) and the combustion of ethanol . Use a bullet point...
- 1.How does Economic exposure to exchange rate movements affect the capital budgeting of a firm? Provide...
ADVERTISEMENT