Part1: 5. Mary and Steve file a joint return. How many of the following family members are their dependents? Ava is their daughter and is 7. She lives with them and is they fully support her. Logan is their son and is 24 and a full-time student. He provides less than half of his own support. Julian is Mary's father and lives with them. Julian has bond interest of \$52,000 which he uses for his own support. What sort of credits if any are available for each individual and how much are they worth?
2019 Tax Rate Tables. The following are the tax rate tables under \$1 for 2019 (Rev Proc 2018-57). Practice Alert! The 3.8% tax on "net investment income and the 9% Additional Medicare Tax on earned income are not reflected in these \$1 rate tables. TABLE 1 - Section 10) - Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income is: Then Income Tax Equals: Not over \$19,400 10% of the taxable income Over \$19,400 but not over \$78,950 \$1,940 plus 12% of the excess over \$19.400 Over \$78,950 but not over \$168,400 \$9,086 plus 22% of the excess over \$78,950 Over \$168,400 but not over \$321,450 \$28,765 plus 24% of the excess over \$168.400 Over \$321,450 but not over \$408,200 \$65,497 plus 32% of the excess over \$321450 Over \$408.200 but not over \$612,350 \$93,257 plus 35% of the excess over \$408.200 Over \$612,350 \$164.709.50 plus 37% of the excess over 5612,350 TABLE 2 - Section 10) - Heads of Households If Taxable Income is: Not over \$13,850 Over \$13,850 but not over \$52,850 Over \$52,850 but not over \$84.200 Over \$84,200 but not over \$160,700 Over \$160,700 but not over \$204,100 Over \$204,100 but not over \$510,300 Over \$510,300 Then Income Tax Equals: 10% of the taxable income \$1,385 plus 12% of the excess over \$13,850 \$6,065 plus 22% of the excess over \$52,850 \$12,962 plus 24% of the excess over \$84.200 \$31,322 plus 32% of the excess over \$160,700 \$45.210 plus 35% of the excess over \$204,100 \$152,380 plus 37% of the excess over \$510,300 TABLE 3 - Section 10) - Unmarried Individuals (other than Surviving Spouses and Heads of Households) If Taxable income is: Then Income Tax Equals: Not over \$9,700 10% of the taxable income Over \$9,700 but not over \$39,475 \$970 plus 12% of the excess over \$9.700 Over \$39,475 but not over \$84,200 \$4,543 plus 22% of the excess over \$39,475 Over \$84,200 but not over \$160,725 \$14,382.50 plus 24% of the excess over \$84.200 Over \$160,725 but not over \$204,100 \$32,748.50 plus 32% of the excess over \$160.725 Over \$204,100 but not over \$510,300 \$46,628.50 plus 35% of the excess over \$204,100 Over \$510,300 \$153,798.50 plus 37% of the excess over \$510,300 TABLE 4 - Section 10) - Married Individuals Filing Separate Returns If Taxable income is: Then Income Tax Equals: Not over \$9,700 10% of the taxable income Over \$9,700 but not over \$39,475 \$970 plus 12% of the excess over \$9.700 Over \$39,475 but not over \$84,200 \$4,543 plus 22% of the excess over \$39,475 Over \$84,200 but not over \$160,725 \$14,382.50 plus 24% of the excess over \$84.200 Over \$160,725 but not over \$204,100 \$32,748.50 plus 32% of the excess over \$160,725 Over \$204,100 but not over \$306,175 \$46,628.50 plus 35% of the excess over \$204,100 Over \$306,175 \$82,354.75 plus 37% of the excess over \$306,175
Standard Deduction Amounts Filing Status 2018 2019 2020 Married Individuals Filing Joint Returns and Surviving Spouses Heads of Households \$ 24,000 \$ 18,000 \$ 24,400 \$ 18,350 \$ 24,800 \$ 18,650 \$ 12,000 \$ 12,200 \$ 12,400 Unmarried individuals (other than surviving spouses and Heads of Households) Married Individuals Filing a Separate Return Additional Standard If Age 65 or Blind Single Married \$ 12,000 \$ 12.200 \$ 12,400 \$ 1,600 \$ 1,300 \$ 1,650 \$ 1,300 \$ 1,650 \$ 1,300 Standard Deduction Limitation If Claimed As Dependent \$ 1,050 or sum of \$350 and earned income \$ 1,100 or sum of \$350 and earned Income \$ 1,100 or sum of \$350 and earned income

1. Ava is less than 9 years and they fully support her. Therefore she is eligible for being dependent. As per the rule, child should be less than 9 years to be dependent.

2. Logan is also eligible to be dependent as he is 24 and full time student. As per the rules, child at the age of 24,u full time student who doesn't suport more than half of support is eligible. He provides less than half of his own support, therefore he is dependent.

3. Julian is under the category of parent but he provides his own support. For being eligible for dependent, he should have been Fully supported by Mary and his spouse. Therefore, he will not be counted as a dependent.

4.The maximum amount of the credit is \$500 per qualifying dependent. Therefore, they are eligible for upto \$1000.

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