Avery, an unmarried taxpayer, had the following income items: Salary Net income from a rental house...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Avery, an unmarried taxpayer, had the following income items: Salary Net income from a rental house $ 43,200 5,280 Avery has a 4-year-old child who attends a day care center. Avery paid $4,060 to this center and has no itemized deductions. Required: Compute Child Credit, Dependent Credit, and Avery income tax after these two credits. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate computations to the nearest whole dollar amount. Child Credit Dependent Credit Income Tax Amount Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215.950 but not over $539.900 Over $539,900 Single 1 If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89.075 Over $89,075 but not over $170,050 Over $170.050 but not over $215.950 Over $215,950 but not over $539,900 Over $539.900 Type here to search alat Esc A 2 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41.775 $15,213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49.335.50 +35% of excess over $215,950 $87,126.75 +37% of excess over $323,925 The tax is 10% of taxable income $1,465.00+12% of excess over $14,650 $6,415.00+22% of excess over $55,900 $13.708.00+24% of excess over $89,050 $33,148.00+ 32% of excess over $170,050 $47.836.00+35% of excess over $215,950 $161,218.50 +37% of excess over $539.900 The tax is 10% of taxable income $1,027.50+12% of excess over $10,275 $4,807.50+22% of excess over $41,775 $15.213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170.050 $49,335.50 +35% of excess over $215,950 $162,718+37% of excess over $539,900 ON O II 0 9 LC B 20 Married filing jointly and surviving spouses Married filing separately Head of household Single Type here to search $25.900 12,950 19,400 12,950 ㅇ바 Avery, an unmarried taxpayer, had the following income items: Salary Net income from a rental house $ 43,200 5,280 Avery has a 4-year-old child who attends a day care center. Avery paid $4,060 to this center and has no itemized deductions. Required: Compute Child Credit, Dependent Credit, and Avery income tax after these two credits. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate computations to the nearest whole dollar amount. Child Credit Dependent Credit Income Tax Amount Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215.950 but not over $539.900 Over $539,900 Single 1 If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89.075 Over $89,075 but not over $170,050 Over $170.050 but not over $215.950 Over $215,950 but not over $539,900 Over $539.900 Type here to search alat Esc A 2 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41.775 $15,213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49.335.50 +35% of excess over $215,950 $87,126.75 +37% of excess over $323,925 The tax is 10% of taxable income $1,465.00+12% of excess over $14,650 $6,415.00+22% of excess over $55,900 $13.708.00+24% of excess over $89,050 $33,148.00+ 32% of excess over $170,050 $47.836.00+35% of excess over $215,950 $161,218.50 +37% of excess over $539.900 The tax is 10% of taxable income $1,027.50+12% of excess over $10,275 $4,807.50+22% of excess over $41,775 $15.213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170.050 $49,335.50 +35% of excess over $215,950 $162,718+37% of excess over $539,900 ON O II 0 9 LC B 20 Married filing jointly and surviving spouses Married filing separately Head of household Single Type here to search $25.900 12,950 19,400 12,950 ㅇ바
Expert Answer:
Answer rating: 100% (QA)
Child Tax Credit CTC The Child Tax Credit for 2022 is 2000 per qualifying child under the age of 17 ... View the full answer
Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
Posted Date:
Students also viewed these accounting questions
-
The Lindscomb family had the following income in 2015: Salaries: __________ Mark ______________ $63,500 ...........................Ashley ......................57,900 Interest on investments:...
-
Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and...
-
Tax Rates. Lillian, a single taxpayer, had the following income and deductions for the tax year 2018: INCOME: Salary ....................................................$ 90,000 Business Income...
-
In Problems 4158, fill in the blank to form a correct inequality statement. If x < 5, then x - 5_ 0.
-
Create an entity-relationship diagram for a genealogy software package called PeopleTree to keep track of ancestors. Assume that each person will be on a Person table and that one person may have one...
-
A random sample of 21 AP Statistics teachers was asked to report the age (in years) and mileage of their primary vehicles. Here is a scatterplot of the data: Here is some computer output from a...
-
A candidate invited for a visit has probability 0.6 of being hired. Let \(X\) be the number of candidates that visit before 2 are hired. Find (a) \(P(X \leq 4)\); (b) \(P(X \geq 5)\).
-
An unhappy 0.300-kg rodent, moving on the end of a spring with force constant k = 2.50 N/m, is acted on by a damping force Fx = -bv x. (a) If the constant b has the value 0.900 kg/s, what is the...
-
URI's stock has a beta of 1.50, and its required return is 14.00%. If the risk-free rate is 5.00%, what is the required rate of return of the market?
-
In Fig P6.109 there are 125 ft of 2-in pipe, 75 ft of 6-in pipe, and 150 ft of 3-in pipe, all cast iron. There are three 90° elbows and an open globe valve, all flanged. If the exit elevation is...
-
1. Write the following sentences in ASL. He is my interesting friend. 1. 2. 3. 4. 5. 1. 2. 3. II. Assign each of the following objects a classifier. A big pizza 4. 5. WN. The man needs a new red car....
-
Statement 1. We have been running large balance of payments deficits in recent years. Statement 2. The most widely used currency in the world is the euro. a) Statement 1 is true and statement 2 is...
-
Which statement is true? a) Over 90 percent of the families receiving public assistance are headed by people who are employed. b) Nearly 90 percent of those in the workforce earn at least $10 an...
-
Of the following, our imports of contribute most to our trade deficit. a) oil c) textiles b) clothing d) consumer electronics
-
The Chinese economic expansion since the early 1980s and the Japanese economic expansion from the late 1940s through the 1980s were ______. a) virtually identical b) both dependent on the American...
-
What would be the most effective way of raising people out of poverty? a) Cut off welfare payments to every family with at least one adult member between the ages of 18 and 64. b) Raise the minimum...
-
Refer to the game in the figure below. How many pure strategy Nash equilbria does the game have? Numerical answer Player 1 T M B Player 2 U 3,3 2,5 3,2 D 2,6 4,1 4,2
-
(a) What is the focal length of a magnifying glass that gives an angular magnification of 8.0 when the image is at infinity? (b) How far must the object be from the lens?
-
Mr. RS is entitled to a $5,200 bonus this year (year 0). His employer gives him two options. He can either receive his $5,200 bonus in cash, or the employer will credit him with $4,500 deferred...
-
Why is Section 1250 recapture inapplicable to sales of realty subject to MACRS depreciation?
-
Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question. Mr. and Mrs. Crandall own 100 percent of the stock in CR Inc., which recently...
-
Which of the following questions can an interviewer legally ask a job candidate during a telephone interview? (a) Are you pregnant or planning to soon start a family? (b) What skills do you have that...
-
An employment test that yields different results over time when taken by the same person lacks ____________. (a) validity (b) reliability (c) realism (d) behavioral anchors
-
The responses most likely to be associated with use of a force-coercion change strategy are best described as __________. (a) internalized commitment (b) temporary compliance (c) passive cooptation...
Study smarter with the SolutionInn App