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The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $69,000.00 for 2020 . Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married fling jointly.
Stephanie reported $1,500 of. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2020 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie’s parents will claim her as a dependent). a.
What is his taxable income for 2020? (Standard deduction) Multiple Choice $23,140 $22,040 O $10,740 $9,720 EXHIBIT 7-3 Standard Deduction Amounts* Filing Status Married filing jointly Head of household Single Married filing separately 2019 Amounts Basic Standard Additional Standard Deduction for Age and/or Deduction Blindness at End of year ...
Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2020 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). Problem 6-53 Part-c (Algo) c. Stephanie reported $18,035 of earnings from her ...
Accounting questions and answers. Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $60,540.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is ...
Question: Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,900 in dividends income and $2,840 in wages from a part-time job. b. Ruby and Woody are married and file a ...
Curtis's standard deduction is $12000 (the greater of $1,050 or the sum of $12,600 earned income plus $350, but limited to t …. Determine the amount of the standard deduction allowed for 2020 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of the Standard ...
Accounting questions and answers. Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. $ a. Ellie is 15 and claimed as a dependent by her parents. She has $1,900 in dividends income and $2,720 in $ wages ...
Myrna and Geoffrey filed a joint tax return in 2020. Their AGI was $103,825, and itemized deductions were $26,600, which included 56,650 in state Income tax and no other state or local taxes. In 2021, they received a $5,320 refund of the state income taxes that they baid in 2020. The standard deduction for married filing jointly in 2020 was ...
Stephanie reported $1,905 of earnings from her babysitting Standard deduction Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2021 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent) c ...