A 70-year-old widow with good eyesight is not claimed as a dependent on anyone else's tax return. The widow's gross income threshold for purposes of filing a return in 2018 is:
|
$10,400. |
||
|
$11,650. |
||
|
$13,600. |
||
|
$11,950. |
||
|
$7,900. |
ANSWER: - The gross threshhold income for filing a return in 2018 is $ 13600. It includes Standard deduction $ 12000 + Single filers over 65 years can claim an additional $ 1600 deduction.
A 70-year-old widow with good eyesight is not claimed as a dependent on anyone else's tax...
Single not claimed by anyone else, with 5-year old dependent child: Wages $45.000. Taxable Interest Income $10,000. Qualified Business Income Deduction $2,000. $12,000 Itemized Deductions. Calculate Taxable income.
In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
For each of the following independent situations determine the amount of the standard deduction that the taxpayers should claim on their 2018 income tax returns. Table for the standard deduction Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly 24,000 Married, filing separately 12,000 Head of household 18,000 Qualifying widow(er) 24,000 1. Adam is 45 years old, in good health, and single. $ 2. Bill and Betty are married and file a joint return. Bill is 66 years...
Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During 2017, he had interest income of $4,000 and $800 of earned income from consulting. Henry's taxable income is: a.$1,400. b.$1,300. c.$2,100. d.$0. e.None of these choices are correct. Feedback Incorrect. $4,000 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $1,300. Why is Henry's gross income only 4000? Why is...
QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as a dependent is eligible for the child tax credit. True False 1 points QUESTION 7 A single taxpayer, who is not a dependent on another’s return, not blind and under age 65, with income of $11,750 must file a tax return. True False 1 points QUESTION 8 If an unmarried taxpayer paid more than half the cost of keeping a home which is the...
QUESTION 16 All taxpayers may use the tax rate schedule to determine their tax liability. True False 1 points QUESTION 17 Brian is 60 years old, single, and legally blind. Brian supports his father, who is 88 years old and blind, by paying the rent and other costs of his father’s residence. What is the total standard deduction amount that Brian should claim on his 2018 tax return? a. $24,000 b. $19,600 c. $18,000 d. $13,600 e. None of the...
in 2018, Carson is claimed as a dependent on her parent's tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? a) Carson is 23 years old at year end. He is a full time student and earned $14,975 from his summer internship and part time job. He also received $6,080 of qualified dividend income. Tax Liability XXX
john, who is single, 28 years old, and not claimed as a dependent on anyone elses return, earns $9,000 during 2017. he does not have any qualifying children. his earned income credit is... a. $0 b. $460 c. $433 d. $427 e. none of the above
Gail is a wealthy widow whose husband died last year. Her dependent daughter lives with her for the entire year. Gail has interest income totaling $ 245,000 and she pays property taxes and home mortgage interest totaling $ 30,000. Requirement a. What filing status applies to GailGail? GailGail meets the requirements of a surviving spouse. Thus, she will use the married filing joint/surviving spouse rate schedule. Requirement b. Compute her taxable income and gross tax. Begin by computing GailGail's taxable...
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