Problem 2-38 (LO 2-4)Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married aroundthe end of the year. In 2022, Raphael expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deductedthe appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemizeddeductions.Required:They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend?Use the appropriate Tax Tables.Collective taxliability in2022$3,684If Raphael and Martina get married in 2022If Raphael and Martina get married in 2023Recommendation:Thus, for tax purposes, it makes more sense for Raphael and Martina toget married in 2022.HelpSav

Answer:- Federal Tax Status - Married Filled JointlyIf a married couple chooses to file a joint…

Answered: Raphael and Martina are engaged and are…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 2CPA: Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma 12,000 of...

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Required: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2020 Christmas season and get maried around the end of the year Raphael expects to eam $45,000 and Martina expects to eam $15,000 Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year Neither Raphael nor Martina has any itemized deductions They are trying to decide whether they should get married on December 312020or on January 12021 What do you recommend ? Use the appropriate Tax Tables
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,500 and Martina expects to earn $16,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables. If Raphael and Martina get married in 2022 If Raphael and Martina get married in 2023 Recommendation Collective tax liability in 2022
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45, 300 and Martina expects to earn $15,600. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables.
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,900 and Martina expects to earn $16,800. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables. If Raphael and Martina get married in 2022 If Raphael and Martina get married in 2023 Recommendation: Collective tax liability in 2022 Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2022. Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2023.
Carol and Bob’s divorce became final in 2017. Each month, Bob is required by the divorce decree to pay $3,000, of which $1,800 is stated as child support. This year, Bob has paid only $2,200 each month. What is the amount of Bob’s alimony deduction and the alimony income Carol must report this year? Group of answer choices $36,000 $14,400 $26,400 $4,800
Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $450 per month. 1. How much of each $700 payment may be deducted as alimony by Joan? 2. How much of each $700 payment must be included in Bill's taxable income? 3. How much would be deductible/included if the divorce agreement were dated 2021?$fill in the blank 4d94da045fa2015_3 b. Under the terms of a property settlement executed during 2021, Jane transferred property worth $450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer? 2. What is the amount of Tom's tax basis in the property he received from Jane?
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2021 Christmas season and get married around the end of the year. In 2021, Raphael expects to earn $45,050 and Martina expects to earn $15,100. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2021, or on January 1, 2022. What do you recommend? Use the appropriate Tax Tables. If Raphael and Martina get married in 2021 If Raphael and Martina get married in 2022 A Collective tax liability in 2021 $ $ Recommendation: Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2021 3,811 3,962
Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. • Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail 's mother, Carmen, after she separated from her spouse in April of 2021. Abigail 's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. • Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. 9. Either Carmen or Abigail can claim Andrea as a dependent. a. True b. False submitted
Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma 12,000 of alimony each year until their child turns 18. At that time, the payment will be reduced to 10,000 per year. In year 3, in accordance with the divorce agreement, Fred paid 6,000 directly to Wilma and 6,000 directly to the law school Wilma is attending. What amount of the payments received in year 3 is income to Wilma? a. 6,000 b. 10,000 c. 12,000 d. 0
A divorce agreement entered into in 2017 requires Alice to pay her former spouse 50,000 a year for the next ten years. Will the payments qualify as alimony? Why or why not?
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.

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