Jeremy and Veronica we married. Jeremy died on May 1, 2022. On November 1, 2022 Veronica and David will fine a joint return. What is Jeremys correct most favorable 2022 filing status
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Jeremy and Veronica we married. Jeremy died on May 1, 2022. On November 1, 2022 Veronica and David will fine a joint return. What is Jeremys correct most favorable 2022 filing status
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- Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019, they earn wages of 34,000 and no other income. Determine the amount of their earned income credit for 2019.Mark (age 55 in 2020) and his late wife, Mary, were married in 1990. Mark and Mary have a son, Matt, who was born in 2009. Mary passed away on October 4, 2020. Mark has not remarried. Mark maintained a household for Matt, his dependent child (qualifying child), for all of 2020 & 2021. What allowable filing status would be most beneficial for Mark to use in 2020?Luke and Vanessa have been married since 2016 and have filed jointly each year since then. Their 2019 EIP was based on their 2019 tax return that was filed in early February 2020. In May 2020, they celebrated the adoption of a child. If their AGI was never greater than $120,000, what was their EIP and RRC in 2020? a. EIP$fill in the blank b. RRC$fill in the blank
- Preston and Anna are engaged and plan to get married. During 2019, Preston is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and has wages of $55,000. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Preston Anna Filing Single Filing Single Gross income and AGI $1 Standard deduction Taxable income Income tax %24 %24Luke and Vanessa have been married since 2016 and have filed jointly each year since then. Their 2019 EIP was based on their 2019 tax return that was filed in early February 2020. In May 2020, they celebrated the adoption of a child. If their AGI was never greater than $120,000, what was their EIP and RRC in 2020? a. EIP b. RRCProblem 3-42 (Algorithmic) (LO. 5, 6, 9) David and Ruby are engaged and plan to get married. During 2020, David is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and has wages of $55,000. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction Taxable income Income tax $ David Filing Single 6,700 12,400 0 0 Ruby Filing Single 55,000 12,400 42,600 7,668 X
- Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2019. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence. Kirby will transfer to Nell stock with a value of 200,000 and 50,000 of cash. Kirbys cost of the stock was 150,000, and the value of the personal residence is 500,000. They purchased the residence three years ago for 300,000. b. Nell will receive 1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate. c. Nell is to have custody of their 12-year-old son. Bobby. She is to receive 1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only 300 per month for the remainder of her life.Elaine Case (single with no dependents) has the following transactions in 2019: What is Elaines net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaines income from other sources puts her in the 37% bracket. Elaines address is 300 Ireland Avenue, Shepherdstown, WV 25443.Alicia and Rafel are in the process of negotiating a divorce agreement to be finalized in 2019. They both worked during the marriage and contributed an equal amount to the marital assets. They own a home with a fair market value of 400,000 (cost of 300,000) that is subject to a mortgage of 250,000. They have lived in the home for 12 years. They also have investment assets with a cost of 160,000 and a fair market value of 410,000. Thus, the net worth of the couple is 560,000 (400,000 250,000 + 410,000). The holding period for the investments is longer than one year. Alicia would like to continue to live in the house. Therefore, she has proposed that she receive the residence subject to the mortgage, a net value of 150,000. In addition, she would receive 17,600 each year for the next 10 years, which has a present value (at 6% interest) of 130,000. Rafel would receive the investment assets. If Rafel accepts this plan, he must sell one-half of the investments so that he can purchase a home. Assume that you are counseling Alicia. Explain to Alicia whether the proposed agreement would be fair on an after-tax basis.
- Jake pays the following amounts to his former spouse during the current year: What amount can Jake deduct as alimony for the current year? Assume that the divorce occurred before 2019. a. 0 b. 12,000 c. 22,000 d. 137,000Compute the taxable income for 2019 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2017.Jessica and Carl were married on July 1,2019. What are their options for filing status for their 2019 taxes? _________________________________________________________________________________________________________________________________________________________________________