User Account

All Pages

Compute the tax liability or refund

Assignment Help Financial Accounting
Reference no: EM132494613

Andy and Sally are married and under 50. They have 3 children under 12. They pay Sally's mom $200 a month for the entire year to care for the children.

Sally's salary (Federal withholding $ 800) 8,000

Andy's salary (Federal withholding $500) 7,000

Question 1: If they take a standard deduction, compute their taxable income

Question 2: Do they qualify for an earned income credit? Why or why not? If so, how much?

Question 3: Do they qualify for a child care credit? Why or why not? If so, how much?

Question 4: Do they qualify for a child tax? Why or why not? If so, how much?

Question 5: Compute their tax -please show your work.

Question 6: Compute their tax liability or refund.

Reference no: EM132494613

Questions Cloud

Explain what happens to the interest rate : Explain what happens to the interest rate if the money supply increases or decreases and the money demand remains unchanged. Explain what happens to the.
Find the values for a single cash flow : Find the values for a single cash flow. The present value of $500 to be received in five years when the opportunity Cost rate is 8 percent.
Describe the principles of the free market : Give an example in the marketplace that describes the principles of the free market (perfect competition) and competition. One well paragraph.
Concept of internal rate of return : Use the concept of internal rate of return, show the calculations and compare the two offers.
Compute the tax liability or refund : Compute the tax liability or refund. Do they qualify for an earned income credit? Why or why not? If so, how much? compute their taxable income
NSB303 Partnerships in Health and Illness Assignment : NSB303 Partnerships in Health and Illness Assignment help and solution, Queensland University of Technology - assessment writing service
What would earnings per share be : What would earnings per share be if the tax rate on the anticipated return was 30 percent and there were 20,000 shares outstanding?
What is the yield on 2-year treasury securities : What is the yield on 2-year Treasury securities? Do not round intermediate calculations. Round your answer to two decimal places.
What is the before-tax cost of debt for olympic : Olympic Sports has two issues of debt outstanding. One is a 4% coupon bond with a face value of $34 million, a maturity of 15 years, and a yield to maturity

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the profit and loss account for top to toe

Using the Top-to-Toe information in Question, prepare a balance sheet for the business as at 31 December 1998.- Prepare the profit and loss account for Top-to-Toe.

  Indicate the effect that each transaction and event

Indicate the effect that each transaction/event llisted here will have on the financial ratio included with it. Assume that the current assets exceed the current liabilities in all cases, both before and after the transaction/event.

  Determine the gain or loss on sale

Derive the accumulated depreciation on the equipment and determine the gain or loss on sale - Determine the gain or loss on sale

  Question ac consulting company has purchased a new 15000

question ac consulting company has purchased a new 15000 copier. this overhead cost may be shared by the purchasing

  Classify costs as either variable or fixed costs

Classify the costs as either variable or fixed costs.  Assume there are no mixed costs.  Enter the dollar amount of each cost in the appropriate column and total each classification.

  Use the trial and error method

A bond has a 10.5 percent coupon rate, 8 years left to maturity, makes annual interest payments and is currently selling for $1070. What is its YTM? Use the trial and error method. Answer- First try? Why? Second try? Why? Using the calculator YTM=9.2..

  Answer the following multiple-choice questions

Accounting standard-setters use the following process in establishing accounting standards.

  Common stock of the company

the common stock of the company is owned by many diverse shareholders

  Ar master data is updated to record the payment

The AR clerk them uses the payment stub to enter the payments into the computer where the AR master data is updated to record the payment.

  Defer the gain from the transaction in their income

Which of the following is NOT an advantage that can be obtained by using ITA 85.1 in a situation where a diverse group of shareholders will exchange their shares in one company for shares in an acquiring corporation? There is no need for each shareho..

  Define an interest rate swap

Define an interest rate swap, and briefly describe the obligation of each party involved. Cite and explain two examples of how interest rate swaps could be used by a fixed- income portfolio manager to control risk or improve return.

  Manufacturing cycle efficiency for operation

Hart Manufacturing operates an automated steel fabrication process. For one operation, Hart has found that 45% of the total throughput (manufacturing cycle) time is spent on non-value-added activities. Delivery cycle time is 12 hours, waiting time du..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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