During 2021, Barry (who is single and has no children) earned a salary of $13,100. He is age 30. His earned income credit for the year is
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- In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amountMr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20
- Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2021, they earn wages of $35,200 and no other income. Round your intermediate computations and final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. The earned income credit is $4678??? (This was wrong) I need help with the calculation.In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full - time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8 - 10. Note: Leave no answer blank. Enter zero if applicable. a. Their AGI is $15,000, consisting of $12,000 of capital gains and $3,000 of wages.During 2021, Barry (who is single and has no children) earned a salary of $13,100. He is age 30. His earned income credit for the year is: a.$0. b.$323. c.$1,502. d.$1,274.
- ! 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 $ 0[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. a. How much can Ashley contribute to her Roth IRA if they file a joint return?In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs.What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) b. Their AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages.
- 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 FERequired 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 2021, their AGI is $204,100. Jackson and Ashley each earned half of the income. (Leave no answers blank. Enter zero if applicable.) c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA? The couple are filing return jointly. IRA Contribution to Roth $ 0Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2019. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife's individual retirement accounts for the 2019 tax year? a. $11,000b. $6,000c. $12,000d. $12,000e. None of the above