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

  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