cop Question 3 of 5.Julie anticipates receiving a $500 credit for other dependents on her 2021 tax return. If she is not looking for a huge taxrefund, how should Julie treat the credit when completing her 2021 Form W-4?Julie should complete Step 2 on her 2021 Form W-4 and use the Multiple Jobs Worksheet to calculate her adjustment.O Julie should complete Step 3 of her 2021 Form W-4.O Julie should use Step 4, Other Adjustments, on the 2021 Form W-4. She should enter the $500 of anticipated credit as adeduction on line 4b.O Julie should use Step 4, Other Adjustments, on the 2021 Form W-4 and enter the credit as a negative amount on line 4a,Other Income (not from jobs). Reducing her taxable income in this way will be virtually the same as applying the credit to herincome.Mark for follow up

A tax credit is a financial incentive or benefit provided by the government to people or…

Answered: Question 3 of 5. Julie anticipates…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 57P

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Mark for follow up Question 6 of 15. Maggie is a neighbor of yours who lives with her parents. She is 20 years old and has a one-year-old child. You know that Maggie was a full-time student until she quit college at the end of September of the tax year. Maggie gives you her tax documents and tells you that her mother said to claim herself and to claim her child for EITC. To meet the EITC due diligence knowledge requirement, you: Cannot ignore the facts about Maggie living with her mother for nine months of the year when she was a full-time student Can disregard information obtained through a personal relationship. Cannot complete Maggie's return under any circumstances. Can complete Maggie's return filing her as a single non-dependent with EITC for her child. Mark for follow up « Back Save/Return Later Summary Next »
Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,725 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank f1e43ef63038fac_1 b. Assuming Janie's parents have AGI of $68,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank da335a09e043f8f_1
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Part 1 - Scenario 4 Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or…
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For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000
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Given your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate. In the image.
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