What is their earned income credit in alternative

Assignment Help Financial Accounting

Reference no: EM131223458

In 2016, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly?

c) Their AGI is $25,000, consisting of $20,000 of wages and $5,000 of lottery winnings (unearned income).

d) Their AGI is $25,000, consisting of $5,000 of wages and $20,000 of lottery winnings (unearned income).

e) Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income).

Reference no: EM131223458

Questions Cloud

What are the total relevant costs per unit to make the part : Redwood Industries needs 20,000 units of a certain part to use in its production cycle. The following information is available: If Redwood buys the part from Oak instead of making it, Redwood could not use the released facilities in another manufactu..

Prepare segmented income statement by division for march : Columbia Products Inc. has two divisions, Salem and Seaside. For the month ended March 31, Salem had sales and variable cost of $500,000 and $225,000, respectively, and Seaside had sales and variable costs of $800,000 and $475,000, respectively. Fixe..

What does it mean to be transparent as an organization : What are the underlying principles and values that guide organizations and the professionals in being transparent (e.g., trustworthiness, honesty, etc.)? Why are these values important and how are they connected to being transparent?

Self reflection and your role as a public servant : It is just about impossible to learn in depth about community collaboration processes and not be changed in some way. In this self-reflection, explain, as a public administrator, what has changed about your approach to community collaborations.

What is their earned income credit in alternative : In 2016, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-ti..

Describe the four levels of security of inmates : Describe the four levels of security of inmates. What does custody look like at each level? What privileges are given and what privileges are taken away when comparing one security level to another?

Determine allowable bad debt deduction for current tax year : Determine the allowable bad debt deduction for the current tax year in the situation described below: A) A business debt becomes partially worthless during the current tax year. The debt is for $1,000. However, only $600 of the debt is worthless. b. ..

Define and explain prisonization : Do you believe offenders housed in jails should be made to pay a fee for their upkeep? A co-pay for their medical care? What are the major arguments against privatization of adult jails and prisons?

The format and the correctness of business documents : Argue for the importance of making sure all business writings are error-free and do not contain slang, misspellings, text abbreviations, or informal formatting?

User Account

All Pages