1. Who are Valeries qualifying persons for Head of Household filin.pdf

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1. Who are Valerie\'s qualifying persons for Head of Household filing status? A. Annie, Patrick, and Ethan B. Patrick and Ethan (this choice is wrong) C. Annie and Ethan D. Annie and Patrick 2. Ethan is Valerie’s qualifying child for which of the following benefits? A. Exemption for a dependen B. Child tax credit C. Earned income credit D. None of the above Valerie\'s husband, Donald, died in March 2013. She has not remarried. She has two sons, Ethan and Patrick, and one daughter, Annie, who lived with her all year Valerie paid more than half of the support for Annie and Patrick and all of the cost of keeping up the home. Her son, Ethan, graduated from college two years ago. He is working and earned wages of $30,000. He provides more than half of his own support. Valerie is paying off a student loan that she took out for her son Ethan\'s qualified education expenses at an eligible institution. He was her dependent when she took out the loan. Valerie is a seasonal emplovee and was laid off in December. She received unem ployment income. She cashed in her 401(k) savings and used the money for household expenses. She does not qualify for any exception to the additional tax on early distributions Her son, Patrick, attended after-school care while Valerie worked. The volunteer is not sure if Valerie had qualified health insurance from her employer all year since she was laid off in December. Valerie mentions that her employer confirmed that she and her children, Annie and Patrick, had health insurance cover- age all year. Ethan had MEC all year through his employer Solution 1. Who are Valerie\'s qualifying persons for Head of Household filing status? From the details provided it is understood that Patrick and Annie are below the age of 19 and are completely dependant on Valerie while Ethan is independant as he is working. Hence, as per the below extract on the requirements of the qualifying person, correct choice is D. Annie and Patrick {For the purposes of the Head of Household filing status, a qualifying person is a child, parent, or relative who meets certain conditions that enable you to qualify forHead of Household. A qualifying child would be: A child that is too old to qualify as a child might be able to qualify as a relative for Head of Household. A qualifying relative would be: 2. Ethan is Valerie’s qualifying child for which of the following benefits? The answer is D. none of the above due to following reasons: A. Exemption for a dependent : Ethan is no more dependant on valerie as he completed graduation (which shows that his age is above 19) and he is already earning B. Child tax credit : Ethan has provided 50% of his support. Hence is fails the support test for taking the child tax credit. C. Earned income credit : Ethan does not qualify as qualifying child and hence is not eligible for Earned Income Credit..

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or relative who meets certain conditions that enable you to qualify forHead of Household.
A qualifying child would be:
A child that is too old to qualify as a child might be able to qualify as a relative for Head of
Household. A qualifying relative would be:
2. Ethan is Valerie’s qualifying child for which of the following benefits?
The answer is D. none of the above due to following reasons:
A. Exemption for a dependent : Ethan is no more dependant on valerie as he completed
graduation (which shows that his age is above 19) and he is already earning
B. Child tax credit : Ethan has provided 50% of his support. Hence is fails the support test for
taking the child tax credit.
C. Earned income credit : Ethan does not qualify as qualifying child and hence is not eligible for
Earned Income Credit.

-Jack has just won the lottery! His prize is $5 million, which he will receive in 10 years. As an alternative, Jack can accept an immediate payment of $2.5 million. Ignore any potential tax consequences. Interest rates are expected to remain at 6% for the entire period. What should Jack do? Make your decision based on the time value of money. A. Accept the $2.5 million now B. Accept the $5 million 10 years from now C. It doesn\'t matter; the two amounts are equivalent -Jack hears that the forecast for interest rates has changed and the interest rate for the next 10 years is expected to increase to 8%. In light of this news, what should Jack do? A. Accept the $2.5 million now B. Accept the $5 million 10 years from now C. It doesn\'t matter; the two amounts are equivalent Solution 1. Future value (FV) = $5 million Year (n) = 10 Interest rate (r) = 6% = 0.06 The rate factor, based on time value of money, in 10 year is 0.5584 Present value (PV) = ? PV = FV/(1+r)^n = $5 million / (1+0.06)^10 = $5 million × 0.5584 = $2.792 million The present value of $5 million is $2.792 million. Since $2.792 million is higher than $2.5 million, Mr. J should accept $5 million 10 years from now. Option B is correct. 2. Future value (FV) = $5 million Year (n) = 10 Interest rate (r) = 8% = 0.08 The rate factor, based on time value of money, in 10 year is 0.4632 Present value (PV) = ? PV = FV/(1+r)^n = $5 million / (1+0.08)^10 = $5 million × 0.4632 = $2.316 million The present value of $5 million is $2.316 million. Since $2.316 million is lower than $2.5 million, Mr. J should accept $2.5 million now. Option A is correct..

11- Elizabeth Carson- spouse of Tony Carson- died on August 4- 2022- T.docx

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11. Elizabeth Carson, spouse of Tony Carson, died on August 4, 2022. Tony Carson married Caroline Wilson on September 22, 2022. The 2022 federal income tax return for Elizabeth Carson will be submitted under what filing classification? A Married filing jointly B Single C.Married filing separately D. Head of household E. None of the above 12. Which of the items listed below is ignored when applying the support test for a qualifying child? A. Education cost B. Social Security benefits C. Scholarships D .All would be ignored E. None would be ignored 13.Which of the following individuals cannot qualify as a dependent? A. Foster child B.Stepfather C.Mother-in-law D. None of the three listed individuals can qualify E. All of the listed individuals can qualify 14. Taxpayer, age 68, files a 2022 federal income tax return as head of household with three dependents. Taxpayer has $210,000 of adjusted gross income. What will be the amount of Taxpayer's total exemption/dependency deduction on the return? A. $17,600 B. 4,400 C. 13,200 D. 22,000 E. None of the above 15.Frank and Jean Jones divorced in 2020. The divorce decree was silent regarding the dependency/exemption status for their daughter, Martha. Frank has custody of Martha and neither parent has signed a statement changing that status. During 2022, Frank earned $27,000 and Jean earned $155,000. dartha had interest income of $5,100. Who will claim Martha as a dependent for 2022, and why? A.Martha will claim herself, since she had gross income over $4,400 and files her own return. B. Since Martha lived with both Frank and Jean during the year, they each may claim Martha as a dependent. C. Frank, since he has custody. D Jean, since she earned more than Frank and, therefore, is presumed to have provided more than 50% of Martha's support. E .None of the above .

If a taxpayer has investment income that exceeds a certain threshold.pdf

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If a taxpayer has investment income that exceeds a certain threshold, they are not eligible to claim the Earned Income Credit. For 2022, what is that threshold? If a taxpayer's Earned Income Credit (EIC) was disallowed, what additional step must the taxpayer take the next time they claim the EIC? Stan would like to claim his grandson, Spencer, as his qualifying child so he can claim the Earned Income Credit (EIC). However, Spencer's mother, Alma, is also eligible to claim Spencer as her qualifying child for EIC purposes. As Stan's tax preparer, what information would you share with Stan? All of the following statements regarding the 2022 Additional Child Tax Credit are correct, EXCEPT? Paloma (63) shared a home all year with her son, Antonio (41), and Antonio's son, Danny (23). They were all U.S. citizens, lived in the U.S. all year, and all had social security numbers valid for employment. Paloma and Antonio worked full-time. Danny was a part-time student during the year; he took one class at the local community college. Danny also worked part-time and had wages of $6,800. No one else lived in the home. Paloma had earned income and an adjusted gross income of $23,459. She had no foreign income or investment income. Antonio had earned income and an adjusted gross income of $32,500. He had no foreign income or investment income. Who, if anyone, is eligible to claim and receive the Earned Income Credit? Which of the following taxpayers qualifies for the Earned Income Credit? (All are U.S. citizens, lived in the United States for more than six months, and have valid social security numbers that allow them to work. They did not have any foreign income and will not file Form 2555, Foreign Earned Income.).

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1.Erica is a single parent with three children who lives in Penn.docx

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1. Erica is a single parent with three children who lives in Pennsylvania. Randall is her 19 year old son is a full-time student at Heartland College and earned $4,900 in 2015 at his part-time job. Tiffany is 12 and Donna is 14. All three live at home with Erica who provides more than half of their support. a. Erica had wages in 2015 (box a of W-2) of $64,500 and $2,600 was withheld from her check for federal taxes. She received 1099-Int from First Federal Savings Bank for $135, Olympic Savings for $175 and State of Maryland bonds $300. Taxable income of 64500 + 135 + 175 + 300 = 65110 b. Erica paid $6,000 toward tuition at Heartland College for Randall during 2015. Erica will contribute the maximum deductible amount to her IRA for 2015 and is a participant in her employer’s pension plan. c. Some payments that Erica thinks might be deductible are: $2,100 withheld from check to pay state income taxes, $700 sales tax paid on purchase of car, copayments on various visits to doctors and dentists $920, $2,750 for health insurance withheld from her check that reduced box A, $7,450 for interest on first mortgage and $1,134 interest paid on 2 nd mortgage, real estate taxes $2,640, private mortgage insurance $420, losing lottery tickets $520, $300 to get her taxes for last year prepared, gifts to her church $570, two loads of clothes to goodwill $150, mileage to raise money for the AHA Heart Walk 200 miles, gave $200 to her sister to buy food. d. How much would Erica receive as a refund from her 2015 taxes? show all work .

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Income Tax 1. Which of the following can be deducted as an itemized deduction on am individual taxpayers tax return a. Medical expenses, b. casualty losses, c. Employee business expenses d. None e. All of the aboce 2. Frank celebrates his 65th birthday on January 1, 2015. Frank lives with his wife, Mary who is 66 years of age. Neither Frank nor Mary is blind. on their join tax return for 2014 Frank and Mary claim a standard deduction of a. 13600 b. 12400 c. 14800 d. 15500 e. 13950 3. The minimum percentage of support that a member of a multiple support group must provide to claim the supported person as a dependent a. 10% b. 15% c. 20% d. 25% e. none 4. Dorsey and Thelma Packard age 42 and 45 file a joint return, they claim Dorsey’s blind mother age 67 as a dependent the packards 2014 standard deduction is a. $13600 b. $12400 c. 13950 d. 14800 e. 15500 5. Arthur and Mary Mitchell age 64 and 52 file a joint tax return Mary is legally blind. The Mitchells provided over half the support of their two unmarried children Larry and Tammy and Mary’s mother Alice Fisher. Larry and Tammy and Alice live with the Mitchells he entire year. Alice has no gross income. Larry age 25 is full time university student with $4400 of earned income.Tammy age 21 is a exemptions Arthur and Mary Mitchel can claim on 2014 joint tax return is a. 2 b. 3 c. 4 d. 5 e. 6 6. Which of the following persons don not pass both the age and relationship tests for a qualifying child a. the taxpayers 24 years old son who is a full time college student b. the taxpayes 17 years old niece who is a senior in high school c. the taxpayers 30 years old daughter who is permanently and tottaly disabled d. none e. all 7. Tammy agr 56 unmarried claims her elderly mother age 74 as a dependent. Tammy’s mother doesn not live with her but Tammy pays for almost all of the cost of maintaining her mother’s household. Tammy’s 2014 deduction is $ 9100, 10650, 6200, 7750, 10300 8. Bobby unmarried age 66 maintains a household where his elderly father age 88 lives. Bobby cannot clam his father as dependent because his father does no pass the gross income test. Bobby’s 2014 deduction $ 9100, 6200, 10650, 7750, 9300 9. A dependent’s only income for 2014 is $6000 of taxable wages $840 of taxable interest on a savings account the dependent’s 2014 taxable income is $ 0, 840, 640, 290, 590 10. Toni claims her father as a dependent. The father is 80 years old. The father’s only source of gross income is some interest he earns from a savings account. The father’s gross income threshold for purposes of having to file a tax return for 2014 is $ 2200, 2550, 10150, 1000, 7750 Rate the Tutor You must rate the answer Thanks for accepting your Tutor's answer Please take few seconds to rate the Tutor Looks like you are happy with your Tutor. Would you like to Tip them using the card you have on file? Select tip We are Sorry... Select a Reason Drop files here to upload Upload.

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