Taylor, age 16, is claimed
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![Problem 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).]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf3d27b8-9870-4dd6-91a1-e79db3e1a9b0%2F846ed8c5-33d4-4a56-a0ae-4eddf7b6ddd8%2F9q9394a_processed.png&w=3840&q=75)
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- Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $5,600 wages from a summer job,$1,300 interest from a money market account, and $2,100 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 avee t te ledrest dollar, If anTaylor, age 15, is claimed as a dependent by her parents. For 2023, she has the following income: $3,000 wages from a summer job, $1,885 interest from a money market account, and $2,100 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 $ Feedback Check My Work 2,385 2,385 X x. To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ 0…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 $ 1,230
- 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 can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. d. Julie paid $2,400 to the day care center, and her AGI is $14,300 (all salary). Child and dependent care creditTaylor, age 14, is claimed as a dependent by her parents. For 2023, she has the following income: $3,200 wages from a summer job, $1,755 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 $ Feedback Check My Work $ 3,600 ✔ . To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 1,755 X 0 X.…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 can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care credit
- ! 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 can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,460 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit b. Julie paid $6,150 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit c. Julie paid $6,300 to the day care center and her AGI is $125,100 (all salary). Child and dependent care credit d. Julie paid $4,300 to the day care center and her AGI is $400,100 (all salary). Child and dependent care credit e. Julie paid $6,300 to the day care center and her AGI is $14,000 ($4,300 salary and $9,700 unearned income). Child and dependent care creditN1. Account Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000 during 2021). Paul and Karen have two dependent children, both under the age of 13 (Samuel and Joy). In order to work, Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside Day Care Center (422 Sycamore Road, Fort Worth, TX 76028; Employer Identification Number: 11-2345678) to care for their children while they are working. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Assuming that Paul and Karen file a joint return, what, if any, is their tax credit for child and dependent care expenses?Q1: Last year Henry borrowed $15,000 to help pay for his dependent daughter's college tuition. This year (in 2023) Henry paid $2,800 of interest on the loan. How much, if any, interest can Henry deduct if he files single with AGI of $82, 500?
- Deon is 33 years old. In 2022, he reported an AGI of $11,000, all from his job as a server at the local café. He is single and has no dependents. What amount of earned income credit may he claim in 2022? (Use Exhibit 8-11) Essay Toolbar navigation B I VS FEy Best Buy® Visa... S Next 2/Required Information [The following information applies to the questions displayed below.] In 2023, Elaine paid $2,000 of tuition and $680 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can clalm for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. c. Elaine's AGI IS $210,500. American opportunity tax credit
