Number of personal and dependency exemptions

Assignment Help Accounting Basics
Reference no: EM13987662

Determine the number of personal and dependency exemptions in each of the following independent situations.

a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife and fur- nish 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 tui- tion at the law school she attends.

b. Audrey (age 45) is divorced this year. She maintains a household in which she, her ex-husband, Clint, and his mother, Olive, live. Audrey furnishes more than 50% of the household's 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 $8,000 from a part-time job. All parties live in Iowa (a common law state).

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

Reference no: EM13987662

Questions Cloud

Federal income tax return : Who is eligible to claim Jenny as a dependent on a Federal income tax return? Which of Jenny's relatives takes precedence in claiming the exemption? Explain.
Qualifying child or the qualifying relative category : Determine how many personal and dependency exemptions are available in each of the following independent situations. Specify whether any such exemptions would come under the qualifying child or the qualifying relative category.
Number of personal and dependency exemptions : Determine the number of personal and dependency exemptions in each of the following independent situations. a. Reginald, a U.S. citizen and resident, contributes 100% of the support of his parents, who are citizens of Canada and live there.
What force keeps ball from not falling in the vertical axis : How does a ball attached to a string stay upright when it's rotating? When you hold the other end of the string and swing it around in the horizontal axis, what force keeps the ball from not falling in the vertical axis due to gravity?
Number of personal and dependency exemptions : Determine the number of personal and dependency exemptions in each of the following independent situations.
Compute the angular velocity of the ball : Suppose now that the ball with angular acceleration α= -1.04 rad/s2. How much space will it travel along the circle after it stops? In how much time will it stop? How many complete revolutions will the ball make before coming to a stop?
Abandoned spouse and maintains a household : Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $9,500.
Find the change in the gravitational potential energy : A ball of mass 0.45 kg hangs straight down on a string of length 12 cm. It is then swung upward, keeping the string taut, until the string makes an angle of 550 with respect to the vertical. Find the change in the gravitational potential energy of ..
Determine the net effect on tamara : Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Anderson manufacturing makes a single product

Anderson Manufacturing makes a single product.

  Prepare journal entries to record the purchase

What is the materials price variance for the month and what is the materials quantity variance for the month

  What do you understand by the term divisional autonomy

What do you understand by the term divisional autonomy? What are the likely behavioural consequences of a head office continually imposing its own decisions on divisions?

  On the first statistics exam the coefficient of

on the first statistics exam the coefficient of determination between the hours studied and the grade earned was 88

  Prepare the journal entries to record the redemption of the

olstad company issued 506900 of 7 10-year bonds on january 1 2012 at face value. interest is payable annually on

  Transactions on the assets-liabilities

Required: Show the effects of the below transactions on the assets, liabilities and owner's equity.

  How did truman allocate atlanta acquisition date fair value

How did Truman allocate Atlanta's acquisition-date fair value on 7/1/15 to the various assets acquired and liabilities assumed in the combination?

  Identify the ceproc statutes

What should you do? Identify the CEPROC statutes you should consider in dealing with this ethical dilemma

  Which disclosures are required

some disclosure notes are not always applicable to every business. However some are required to be included with financial statements. Which disclosures are required?

  Determine the total deduction for the stolen items

Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowners insurance policy paid Jacob $7,000 for the stolen computer, Jacobs employer did not reimburse Jacob for any of the remainder of his loses. Jacob..

  Comprehensive income can be reported

Comprehensive income can be reported

  Prepare an income statement for the year

Common stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year.

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