Questions from Federal Taxation

Q: During the last five months of the year, Dwana opens a

During the last five months of the year, Dwana opens a new internet telecommunications business called Dwan-Com. Dwan-Com bills $50,000 of revenues, but only receives $40,000 cash. Dwan-Com incurs $...

Q: Anika and Jespar are married and have two children ages 16 and

Anika and Jespar are married and have two children ages 16 and 14. Their adjusted gross income for the year is $98,000. a. What amount can they claim for the child credit? b. What amount can they c...

Q: Neville and Julie are married and have two children ages 19 and

Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $85,000. a. What amount can they claim for the child credit? b. What amount can they...

Q: Miguel and Katrina have 2 children under age 17, have earned

Miguel and Katrina have 2 children under age 17, have earned income of $16,000, and pay $1,836 in Social Security tax. Their tax liability is $1,050 before the child credit. a. What amount can they...

Q: Determine the total allowable 2016 earned income credit in each of the

Determine the total allowable 2016 earned income credit in each of the following situations: a. Judy is single and earns $6,500 in salary for the year. In addition, she receives $3,500 in unemploymen...

Q: Determine the total allowable 2016 earned income credit in each of the

Determine the total allowable 2016 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment...

Q: Determine the amount of the child and dependent care credit to which

Determine the amount of the child and dependent care credit to which each of the following taxpayers is entitled: a. Michael and Gladys are married and have a 7-year-old child. Their adjusted gross i...

Q: Determine the amount of the child-and-dependent care credit

Determine the amount of the child-and-dependent care credit to which each of the following taxpayers is entitled: a. Caryle and Philip are married and have a 4-year-old daughter. Their adjusted gross...

Q: Martina is single and has two children in college. Matthew is

Martina is single and has two children in college. Matthew is a sophomore and Christine is in her fifth year of college. Martina pays $3,600 in tuition and fees for Matthew, $700 for textbooks, and...

Q: Brendan and Theresa are married and have three children in college.

Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student....