Question: will definitely give a like if its correct! 6. Michael, 66, and Holly, 55, reported the following information for 2021: Michael and Holly are married

will definitely give a like if its correct!
will definitely give a like if its correct! 6. Michael, 66, and

6. Michael, 66, and Holly, 55, reported the following information for 2021: Michael and Holly are married and have 3 children. Michael Jr. is 26 and lives with his parents who provide most of his support. His gross income for the year was $3,000. Their other children are 8, 10, and 17 years old. Michael worked for Dunder Mifflin. His salary was $230,000 and from that he chose to place $4,000 in a dependent care FSA and $2,500 in a medical FSA. Dunder Mifflin paid $25,000 in health insurance benefits for Michael. Michael was injured on the job and received $10,000 in workers compensation benefits. Holly is a 40% limited partner in Sprinkles, Inc, a partnership. Sprinkles had ordinary income of $500,000 and dividend income of $20,000. Additionally, Holly received distributions from the partnership of $55,000 over the year. Holly won an award of $4,000 for her volunteer work she does with the local humane society. She gave the money away to a good friend with financial trouble. Michael likes to gamble. His gambling winnings for the year totaled $3,800. His gambling losses were $1,200. Michael and Holly had for AGI deductions totaling $8,000 and total itemized deductions of $26,000. Calculate their 2021 gross income, AGI, taxable income (label all three), and eligible child and dependent tax credit (ignore the special 2021 rules). 6. Michael, 66, and Holly, 55, reported the following information for 2021: Michael and Holly are married and have 3 children. Michael Jr. is 26 and lives with his parents who provide most of his support. His gross income for the year was $3,000. Their other children are 8, 10, and 17 years old. Michael worked for Dunder Mifflin. His salary was $230,000 and from that he chose to place $4,000 in a dependent care FSA and $2,500 in a medical FSA. Dunder Mifflin paid $25,000 in health insurance benefits for Michael. Michael was injured on the job and received $10,000 in workers compensation benefits. Holly is a 40% limited partner in Sprinkles, Inc, a partnership. Sprinkles had ordinary income of $500,000 and dividend income of $20,000. Additionally, Holly received distributions from the partnership of $55,000 over the year. Holly won an award of $4,000 for her volunteer work she does with the local humane society. She gave the money away to a good friend with financial trouble. Michael likes to gamble. His gambling winnings for the year totaled $3,800. His gambling losses were $1,200. Michael and Holly had for AGI deductions totaling $8,000 and total itemized deductions of $26,000. Calculate their 2021 gross income, AGI, taxable income (label all three), and eligible child and dependent tax credit (ignore the special 2021 rules)

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