Question

**1.** Lacy is a single taxpayer. In 2017, her
taxable income is $47,200. What is her tax liability in each of the
following alternative situations? Use Tax Rate Schedule for
reference. **(Do not round intermediate calculations. Round
your answer to 2 decimal places.)**

**a.** All of her income is salary from her
employer.

**Tax liability: ____?____**

**2.** In 2017, Carson is claimed as a dependent on
his parent's tax return. His parents' ordinary income marginal tax
rate is 28 percent. Carson's parents provided most of his
support.

What is Carson's tax liability for the year in each of the
following alternative circumstances? Use Tax Rate Schedule for
reference.

**a.** Carson is 17 years old at year-end and
earned $10,500 from his summer job and part-time job after school.
This was his only source of income.

**Tax liability: ____?____**

**4.** In 2017, Elaine paid $2,960 of tuition and
$1,040 for books for her dependent son to attend State University
this past fall as a freshman. Elaine files a joint return with her
husband.

What is the maximum American opportunity credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? **(Round your intermediate
calculations to two decimal places and final answer to the nearest
whole dollar amount. Leave no answer blank. Enter zero if
applicable.)**

**a.** Elaine’s AGI is $103,250.

**American opportunity credit: ___?___**

**5.** This year Lloyd, a single taxpayer,
estimates that his tax liability will be $11,950. Last year, his
total tax liability was $16,300.

He estimates that his tax withholding from his employer will be
$9,035.

**a.** How much does Lloyd need to increase his
withholding by (for the year), in order to avoid the underpayment
penalty?

**Increase in withholding: _____?___**

Answer #1

a. All of her income is salary from her employer. | |||

Tax Liability = | |||

Single Taxable Income Tax Brackets and Rates, 2017 | |||

10% | $0 to $9,325 | 932.5 | |

15% | $9,325 to $37,950 | 4293.75 | |

25% | $37,950 to $91,900 | 2312.5 | |

Total Tax Liability | 7538.75 | ||

2 a. Carson is 17 years old at year-end and earned $10,500 from his summer job and part-time job after school. This was his only source of income. | |||

Gross Income = | 10500 | ||

Less" Standard Deduction = | 6350 | ||

Taxable Income | 4150 | ||

Tax Liability | 415 | ||

Tax rate of a single tax Payer | |||

4 a. Elaine’s AGI is $103,250. | |||

American opportunity credit: | |||

Dependent Care Expenditure = | +2960+1040 | ||

4000 | |||

Expenditure eligible for Credit = | 3000 | ||

Credit Percentage Rate = | 20% | ||

American Opportunity Credit = | 600 |

*Please clearly label what answer is for each question.*
a. Trey claims a dependency exemption for both
of his daughters, ages 10 and 12, at year-end. Trey files a joint
return with his wife.
What amount of child credit will Trey be able to claim for his
daughters. His AGI is $123,000.
b. In 2017, Elaine paid $2,760 of tuition and
$1,060 for books for her dependent son to attend State University
this past fall as a freshman. Elaine files...

Lacy is a single taxpayer. In 2018, her taxable income is
$47,600. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates, Estates and Trusts for
reference.(Do not round intermediate calculations. Round
your answer to 2 decimal places.)
b. Her $47,600 of taxable income includes
$3,600 of qualified dividends.
c. Her $47,600 of taxable income includes
$19,900 of qualified dividends

5. This year Lloyd, a single taxpayer,
estimates that his tax liability will be $11,950. Last year, his
total tax liability was $16,300.
He estimates that his tax withholding from his employer will be
$9,035.
a. How much does Lloyd need to increase his
withholding by (for the year), in order to avoid the underpayment
penalty?
Increase in withholding: _____?___

In 2017, Elaine paid $2,800 of tuition and $640 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband. What is the
maximum American opportunity credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations?
a. what is Elaine AGI at $83,200.
b. what is Elaine AGI at $166,000

Lacy is a single taxpayer. In 2019,her taxable income
is $41,400. What is her tax liability in each of the following
alternative situations.
B. Her $41,400 of taxable income includes $4,200 of qualified
dividends

In 2017, Elaine paid $2,800 of tuition and $600 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
b. Elaine’s AGI is $168,000.
c. Elaine’s AGI is $184,000.

This year Lloyd, a single taxpayer, estimates that his tax
liability will be $11,950. Last year, his total tax liability was
$16,300. He estimates that his tax withholding from his employer
will be $9,035.
a. How much does Lloyd need to increase his
withholding by (for the year), in order to avoid the underpayment
penalty?
b. Zach is 29 years old and his AGI is
$10,100.
c. Zach is 29 years old and his AGI is
$18,600.
d. Zach is...

In 2019, Elaine paid $2,000 of tuition and $680 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
A. Elaine’s AGI is $103,000.
American opportunity tax credit

In 2017, Elaine paid $2,360 of tuition and $780 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband. What is the
maximum American opportunity credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations? (Round your intermediate calculations to two decimal
places and final answer to the nearest whole dollar amount. Leave
no answer blank. Enter zero...

In 2019, Elaine paid $2,920 of tuition and $840 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
a. Elaine’s AGI is $90,750.

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