Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $223,200. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. roblem 13-73 Part c (Algo) Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to Roth IRA What amount can be contributed to Jackson's Roth IRA if they file a joint return?
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- ! Required information [The following information applies to the questions displayed below.] Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $223,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA $ 0Exercise 12-16 (LO. 4) Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $34,000 and no other income. Round your intermediate computations to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. Determine the amount of their earned income credit for 2022. 6,935 XProblem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 16, is claimed as a dependent by her parents. For 2023, she has the following income: $5,400 wages from a summer job, $1,820 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
- y Best Buy® Visa... S Next 2/uired Problem 8-71 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. Problem 8-71 Part c (Algo) c. Julie paid $4,300 to the day care center, and her AGI is $24,700 (all salary). Child and dependent care creditRequired information Problem 6-55 (LO 6-3) (Algo) [The following information applies to the questions displayed below] Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2023 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). Problem 6-55 Part-c (Algo) c. Stephanie reported $17,920 of earnings from her babysitting. $ 18,320 Standard deduction
- Exercise 11-10 (Algorithmic) (LO. 5) Myers, who is single, reports compensation income of $71,600 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 11.2 Phaseout of IRA Deduction of an Active Participant Do not round any division. If required, round your answer to the nearest dollar. of the $6,000 contribution, how much can Myers deduct?es ! Required information Problem 8-71 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. Problem 8-71 Part e (Algo) e. Julie paid $4,300 to the day care center, and her AGI is $14,000 ($2,300 salary and $11,700 unearned income). Child and dependent care creditRequired information Problem 6-55 (LO 6-3) (Algo) [The following information applies to the questions displayed below.) Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2022 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). Problem 6-55 Part-b (Algo) b. Stephanie reported $2,625 of earnings from her babysitting. Standard deduction
- Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230Problem 3-42 (Algorithmic) (LO. 5, 6, 9) David and Ruby are engaged and plan to get married. During 2022, David is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and has wages of $70,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax David Filing Single 5,800 12,950 0 Ruby Filing Single 70,400 12,950 57,450Required information Problem 14-61 (LO 14-5) (Algo) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: AGI Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,500 7,250 2,400 1,650 3,500 15,750 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for rsonal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Problem 14-61 Part a (Algo) Assuming Alexa receives $22,000 in gross rental receipts, answer the following questions: Note: Leave no answer blank. Enter zero if applicable. a. What effect does the rental activity have on her AGI for the year?