Determine the number of dependents in each situations

Assignment Help Accounting Basics
Reference no: EM132627747

Problem - For tax year 2019, determine the number of dependents in each of the following independent situations:

a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife and furnish more than 50% of the support of their two children, Elton (age 18) and Trista (age 24). During the year, Elton earns $4,500 providing transportation for elderly persons with disabilities, and Trista receives a $5,000 scholarship for tuition at the law school she attends.

b. Audry (age 45) was divorced this year. She maintains a household in which she, her ex-husband (Clint), and his mother (Olive) live and furnishes more than 50% of their support. Olive is age 91 and blind.

c. Crystal, age 45, furnishes more than 50% of the support of her married son, Andy (age 18), and his wife, Paige (age 19), who live with her. During the year, Andy earned $8,400 from a part-time job. All parties live in Iowa (a common law state).

d. Assume the same facts as in part (c), except that all parties live in Washington (a community property state).

Reference no: EM132627747

Questions Cloud

Explain your interpretation of what occurred in the dialogue : Explain your interpretation of what occurred in the dialogue, including social work practice or theories, and explain how it might relate to assessment covered.
Compute the taxable income : Compute 2019 taxable income in each of the following independent situations. Dale, age 42, is divorced but maintains the home in which he and his daughter
How much will be the adjusted capital of lakers : If JAZZ retired and received P 38,500 as a retirement price, how much will be the adjusted capital of LAKERS under bonus method?
What treatment effects of your two real-life characteristics : Think about the kinds of program evaluations that would relate to your life, the comparisons that might be made between you as you are now and certain.
Determine the number of dependents in each situations : Problem - For tax year 2019, determine the number of dependents in each of the following independent situations
Craft a support plan for a military family : Supporting a loved one in the military is truly a duty of its own. It is even more so if the military personnel suffers from trauma related to their military.
How would a reconciliation of the bank account : How would a reconciliation of this bank account appear for Blue Skies as of October 31st. Blue Skies Brewery shows a bank account balance in their accounting
Which type of experiment will you run : Media coverage of recent protests varies across platforms. Many of you mentioned that traditional media outlets paint a different picture from social media do.
Find how do unrealized intercompany inventory profits : Find How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd