1. A college-age taxpayer files their own return in TY2019 to reclaim withholdings. They are claimed as a dependent on their parents' TY2019 return, but will not be claimed on the future TY2020 return. What amount of "stimulus" will they receive and when will they receive it? Assume no dependents, single, and under $75,000 in AGI. a. $500 payment in calendar year 2020. b. $1,200 payment in calendar year 2020.

Q: An unmarried taxpayer with AGI of $120,000 in 2021 has a tax liability of $21,000. The taxpayer's…

A: The explanation about the prepaid tax during the Fiscal year: According to The IRS, taxes must be…

Q: Jake (27) and Nicole (26) Graham are married and filing a joint return. Jake was employed full-time…

A: opportunity tax credit (OTC) is a credit for qualified education expenses paid for an eligible…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: If a taxpayer does not have enough tax liability to use all the available adoption credit, the…

A: Adoption Credit: Adoption of a child needs certain basic expenses like court and attorney fees and…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: solution concept provision The interest penalty is levied @ 20% pa of the tax due after April 15 of…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file…

Q: Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}],…

A: Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief,…

Q: Victoria's 2021 tax return was due on April 15, 2022. but she did not file it until June 12, 2022.…

A: 1. Non Filing / Late Filing Penalty : 5 % per month ( or fraction there of ) on additional tax due.…

Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…

A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…

Q: Daniel, age 38, is single and has the following income and expenses in 2021: Salary income $65,000…

A: Adjusted Gross Income (AGI) is the gross income of the tax payer on which the IRS determines the tax…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the…

A: (1) As per the provisions of IRS in 2020 the Single Taxpayers whose AGI up to $ 65,000 can claim a…

Q: ial Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent…

A: Introduction: Ashley Panda's Social Security number is 123-45-6777, and she resides at 1310 Meadow…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: The net operating loss (NOL) is incurred in business when the total deductible expenses are more…

Q: Anna borrowed $11,500. In 2021, the debt was forgiven. Anna does not believe she should ecause she…

A: The Income Tax Return (ITR) is a form that must be filed with India's Income Tax Department. It…

Q: Taxpayer's filing status is Single. Her Adjusted Gross Income is $155,000 and she paid the following…

A: Taxable income: Taxable income can be defined as the income arrived after making various qualified…

Q: . In 2020, Simon, age 12, has interest income of $6,900 on funds he inherited from his grandmother,…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayers’…

A: GIVEN   Nicole worked part-time, and she was also a full-time student at State University.   During…

Q: The following information is available for Tyler and Beau Nicky, a married couple filing a joint…

A: What is the amount withheld for each element of FICA taxes (Social Security and Medicare)?…

Q: Jasmine 29 is filing as a single taxpayer  in 2020 she recieve  income from the following  sources…

A: Jasmine is having $14328 as income from other sources. So, she should report $14328 as other income.

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: Introduction Net Operating Loss Carryover Deduction (NOLCO) is available to the companies who have…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In…

Q: Christina and javier a married couple  filing  a jojng return recieve  in a state income refund 2030…

A: Taxable additional income 1.As state tax overpaid in 2019 is used as deduction for reducing their…

Q: Keith has a 2021 tax liability of $2,250 before taking into account his American Opportunity tax…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did…

A: Calculate the excess taxable income.

Q: Meghan gives May (not Meghan’s spouse) a gift of $34,000 (plus 4905)  in 2021.  Meghan is married…

A: If Meghan files a joint return with her spouse, then the total exemption allowed is $30,000 ($15,000…

Q: Jake (27) and Nicole (26) Graham are married and filing a joint return. Jake was employed full-time…

A: Note: “Since you have posted multiple questions, we will provide the solution only to the first…

Q: For each of the following independent cases, indicate the amount of gross income that must be…

A: Prizes and awards, received in the US, are also taxable. But the government has provided certain…

Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…

A: The calculation solution for the above mentioned question is given in the following steps.

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: 1. Tonya; a single, calendar year, cash basis taxpayer; paid state income taxes of $8,000 during…

A: According to IRS standard deduction for 2019 are stated as follow:

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: Can he revoke his registration the following year opts to pay decides that he wants revert back as…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…

A:

Q: Greg has one employer and expects no changes to his tax situation for next year. He received a large…

A: The Internal Revenue Service (IRS) has delivered the last form of the 2020 Form W-4. The structure…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2020 for…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: taxpayer received a notice from the BIR to file his 2019 income tax return not later than January…

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: Keith has a 2020 tax liability of $2,250 before taking into account his American Opportunity tax…

A: Given information: $2,600 in qualifying expenses. He was a full-time student and was not dependent…

Q: 1. David and Rochelle file a join return. Rochelle earned $28,500 during the year while pursued a…

A: Child & Dependent Care Credit: As per the tax law, taxpayer can claim for the expenses incurred…

Q: Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017 and elects to forego any…

A: The Total amount to be carried forward to 2020 is up to $17000 because there is no further profit…

Q: Mark is a single taxpayer and works as a migrant fisherman.  He has an Adjusted Gross Income of…

A: As per definition of IRS Gross Income includes wages , salaries ,…

Q: a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank…

A: Given: Income = $61,200 Standard deduction = $12,400

Q: Caroline is an unmarried single mother of a 14 year old son in 2020. Caroline's spouse and the son's…

A: Adjusted Gross Income (AGI) is calculated to measure the taxable income of the taxpayer. It is…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent: A dependent is a person who is financially reliant on another person, and this might…

Q: a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the…

A: Tax refers to the amount charged by the government to the individuals and organizations on the…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…

Q: Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following…

A: Introduction:-Jasmine Dayne (29), a single taxpayer, has filed her tax return. She earned money from…

Q: In 2020, Simon, age 12, has interest income of $5,820 on funds he inherited from his grandmother and…

A: Net unearned income $5,820 Less: Standard deduction  ($1,100) Gross unearned income $4,720…

Q: 29. Use the information below to compute the 2020 taxable income and tax liability for an unmarried…

A: Taxable income is referred to the percentage of the taxable income of an individual that the…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.