Questions from Individual Taxation

Q: Trey claims a dependency exemption for both of his two daughters,

Trey claims a dependency exemption for both of his two daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his d...

Q: Julie paid a day care center to watch her two-year

Julie paid a day care center to watch her two-year old son this year while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie cl...

Q: In 2016, Elaine paid $2,800 of tuition and

In 2016, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maxim...

Q: Are there circumstances in which preferentially taxed income (long-term

Are there circumstances in which preferentially taxed income (long-term capital gains and qualified dividends) is taxed at the same rate as ordinary income? Explain.

Q: In 2016, Laureen is currently single. She paid $2

In 2016, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,800 each for a...

Q: In 2016, Amanda and Jaxon Stuart have a daughter who is

In 2016, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for...

Q: In 2016, Zach is single with no dependents. He is

In 2016, Zach is single with no dependents. He is not claimed as a dependent on another’s return. All of his income is from salary and he does not have any for AGI deductions. What is his earned incom...

Q: This year Lloyd, a single taxpayer, estimates that his tax

This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,000. Last year, his total tax liability was $15,000. He estimates that his tax withholding from his employer will be $7...

Q: This year, Paula and Simon (married filing jointly) estimate

This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $200,000. Last year, their total tax liability was $170,000. They estimate that their tax withholding from...

Q: This year, Santhosh, a single taxpayer, estimates that his

This year, Santhosh, a single taxpayer, estimates that his tax liability will be $100,000. Last year, his total tax liability was $15,000. He estimates that his tax withholding from his employer will...