Calculate annie minimum 2022 federal income tax payable

Assignment Help Accounting Basics

Reference no: EM133363380

Question: For the 2022 taxation year, Annie Kaur has net business income of $75,000 from her sole proprietorship. She also owns a rental property which reports a loss of $10,000 for the year. She is married to Jay and Jay's net income for tax purposes is $15,000 for the year. Jay has a mental infirmity which limits the hours of work per week. Annie and Jay have a 10-year daughter who has a physical infirmity, but it is not severe enough to qualify for the disability tax credit.

Annie's 75-year old mother lives with them and Annie provides support for the mother, even though the mother's net income for tax purposes is $20,000 for the year. The mother has a physical infirmity.

Calculate Annie's minimum 2022 federal income tax payable (after tax credits). Show all supporting calculations. Marks will be deducted for any incorrect tax credits included in your solution.

Reference no: EM133363380

Questions Cloud

Difference between a non-profit and for-profit hospital : What are the differences? Discuss one difference between a non-profit and for-profit hospital in your community

What effect relevant to this lab would you expect to see : what effect relevant to this lab would you expect to see if a patient's lungs became filled with fluid?

Describe the function they would perform in generating : Describe the function they would perform in generating an action potential. Start your answer by explaining in one or two sentences what action potentials are

Business processes in health plan : The business processes in a health plan are generally "siloed" and have little interaction.

Calculate annie minimum 2022 federal income tax payable : Calculate Annie's minimum 2022 federal income tax payable (after tax credits). Show all supporting calculations. Marks will be deducted for any incorrect tax

Discuss between high-mindedness or pride : In Nicomachean Ethics (Book 4) Aristotle discusses the mean, or mid-point, between high-mindedness or pride and the deficiency of slavish flattery.

How is it possible to measure muscle fiber recruitment : How is it possible to measure muscle fiber recruitment? in a context of surface electromyography. provide your sources.

What are budget challenges new jersey is facing : What are the budget challenges New Jersey is facing? What are the legal constraints of New Jersey (such as tax and expenditure limitations)?

What average speed do you need for the rest of the trip : PHYS 202 Texas A&M University What average speed do you need for the rest of the trip to get you to the church on time?

User Account

All Pages