Question 5 of 6. Each of the foliowing taxpayers purchased furniture online in September of 2022, and had it delivered to their forme. Which taxpayer has correctly calculated their use tax for 2022 ? Chandier lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she cwes $133 in use tax. Landon lives in Big Horn County and he had the fumiture delivered there. His cost was $869, and ne thinks his use tax is $19. Cirfford Irves in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determned his use tax is $258. Samantha, who lives in Laramie County, paid $4, 932 for her fumiture, which was delivered to her home, She behieves her use tax is $493. Mark for follow up

Question 5 of 6. Each of the foliowing taxpayers purchased furniture online in September of 2022, and had it delivered to their forme. Which taxpayer has correctly calculated their use tax for 2022 ? Chandier lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she cwes $133 in use tax. Landon lives in Big Horn County and he had the fumiture delivered there. His cost was $869, and ne thinks his use tax is $19. Cirfford Irves in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determned his use tax is $258. Samantha, who lives in Laramie County, paid $4, 932 for her fumiture, which was delivered to her home, She behieves her use tax is $493. Mark for follow up

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 57P

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Each of the following taxpayers purchased furniture online in September of 2022, and had it delivered to their home. Which taxpayer has correctly calculated their use tax for 2022? Chandler lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she owes $133 in use tax. Landon lives in Big Horn County and he had the furniture delivered there. His cost was $869, and he thinks his use tax is $19. Cilfford lives in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determined his use tax is $258. Samantha, who lives in Laramie County, paid $4,932 for her furniture, which was delivered to her home. She believes her use tax is $493.
Each of the following taxpayers purchased furniture online and had it delivered to their home. Which taxpayer has correctly calculated their use tax for 2021? Margaret lives in Niobrara County. Her furniture cost $6,449 and was delivered to her home. She has determined her use tax is $258. Sandra, who lives in Laramie County, paid $4,932 for her furniture, which was delivered to her home. She believes her use tax is $493. Victor lives in Crook County. His furniture cost $2,221 and was delivered to his home. He calculates that he owes $111 in use tax. Zeb lives in Big Horn County. His furniture cost $649 and had the furniture delivered there. He thinks his use tax is $19.
Compute the 2023 standard deduction for the following taxpayers: If an amount is zero, enter "0". Click here to access the Exhibits 9.4 and 9.5 to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,250 in dividend income and $1,760 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $11,390. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $270, and her interest income is $245. d. Frazier, age 34, is married but is filing a separate return. His wife itemizes her deductions. C. 2,160 27700 3,100 0
Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the Exhibits 3.4 and 3.5 to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,850 in dividends income and $3,240 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $12,430. C. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $180, and her interest income is $470. d. Frazier, age 60, is married but is filing a separate return. His wife itemizes her deductions. 0000
In 2018, Audrey claimed $2,100 on her Federal tax return for her Child and Dependent Care Expenses Credit. Her Federal adjusted gross income (AGI) was $32,750 and she meets all other requirements. What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit? A. $0B. $700C. $1,050D. $1,400
Compute the 2021 AMT exemption for the following taxpayers. If an amount is zero, enter "0". Click here to access the exemption table. a. Bristol, who is single, has AMTI of $708,200. Her AMT exemption is $ b. Marley and Naila are married and file a joint tax return. Their AMTI is $1,121,600. Their AMT exemption is $ Feedback Check My Work In theory, all individual taxpayers subject to the Federal income tax are subject to AMT. Whether a taxpayer has an AMT liability depends on a number of factors, including the taxpayer's income, family situation as well as the exclusions, deductions, and credits utilized in the calculation their regular Federal income tax liability. The AMT exemption amounts are phased out when AMTI exceeds certain threshold amounts.
Compute the 2021 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $fill in the blank 1 b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. $fill in the blank 2 c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. $fill in the blank 3 d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
Joyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…
Compute the 2023 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife Emma itemizes her deductions
Suppose that Ana is preparing to file her taxes. She is single and currently lives in Denver. Ana earned $110,000 in taxable income in 2022. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2022. On Annual Taxable Income... Up to $10,275 From $10,275 to $41,775 From $41,775 to $89,075 From $89,075 to $170,050 From $170,050 to $215,950 From $215,950 to $539,900 Over $539,900 The Tax Rate Is... (Percent) 10.0 12.0 Ana calculates that she owes 22.0 24.0 32.0 35.0 37.0 Based on the IRS table, Ana calculates that her marginal tax rate is in income taxes for 2022. when her annual taxable income is $110,000. Ana then calculates that her average tax rate is, based on the annual income level and the amount of taxes she owes for 2022. After figuring out what she owes in taxes in 2022, Ana decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $2,000 of taxable income from the federal government. The…
Note: This problem is for the 2020 tax year. 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 2020 traveling in Europe and was not a college student. He had gross income of $4,655 in 2020. 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 2020, 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 reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2020 Form 1040, Schedule C for…
ompute the 2022 AMT exemption for the following taxpayers. If an amount is zero, enter "0". Click here to access the exemption table . a. Bristol, who is single, has AMTI of $603,800. Her AMT exemption is $fill in the blank b. Marley and Naila are married and file a joint tax return. Their AMTI is $1,212,800. Their AMT exemption is $