Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2014, Diane’s wages are $17,500 and she receives dividend income of $700. Calculate Diane’s earned income credit using the EIC table in Appendix B. $_____________
Answer to relevant QuestionsNikkie and Jean have two children, Richard (age 4) and Roberta (age 3). For purposes of the parental tax, Richard has net unearned income of $6,000 and Roberta has net unearned income of $4,000. Assuming that their total ...Calculate the following: a. The first year of depreciation on a residential rental building costing $200,000 purchased May 2, 2014. $ __________________ b. The second year of depreciation on a computer costing $3,000 ...Deborah purchases a new $30,000 car in 2014 to use exclusively in her business. If Deborah does not elect to expense in 2014 and holds the car until it is fully depreciated, how many years will this take? Please show your ...On August 8, 2014, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on June 15, 2014, with a ...Rebecca has a $6,400 casualty loss, before any limitations, as a result of the complete destruction of personal-use property. She also receives $1,200 of insurance proceeds for the destruction of a second item of ...
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