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Accounts Taxation related Multiple problems

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Question;1. In December 2013, Jeremy and Celeste paid;the following amounts for their daughter, Alyssa, to attend the University of;Colorado during 2013?2014. Alyssa was in her first year of college and attended;full-time.;Tuition and fees (for fall semester 2013) $;1,950;Tuition and fees (for spring semester 2014);1,000;Books;600;Room and;board 1,200;The spring semester at the University of;Colorado begins in January. In addition to the above, Alyssa?s Uncle Devin sent;$ 800 for her tuition directly to the university. Jeremy and Celeste have;modified AGI of $ 165,000. What is the amount of qualifying expenses for the;purposes of the American opportunity tax credit (AOTC) in 2013? What is the;amount of the AOTC that Jeremy and Celeste can claim based on their AGI?;2. Determine the amount of the child tax credit;in each of the following cases;a. A single parent with modified AGI of $;43,400 and two children.;b. A single parent with modified AGI of $;76,058 and three children.;c. A married couple with modified AGI of $;107,933 and one child.;52. Determine the retirement savings;contributions credit in each of the following cases;a. A married couple fi ling jointly with;modified AGI of $ 37,000 and an IRA contribution of $ 1,500.;b. A married couple fi ling jointly with;modified AGI of $ 58,000 and an IRA contribution of $ 1,500.;c. A head of household taxpayer with modified;AGI of $ 33,000 and Roth IRA contribution of $ 2,000.;d. A single taxpayer with modified AGI of $;12,000 and an IRA contribution of $ 2,300.;3. Niles and Marsha adopted a little boy (a U.;S. citizen). They paid $ 14,500 in 2012 for adoption- related expenses. The;adoption was finalized in early 2013. Marsha received $ 3,000 of employer-;provided adoption benefits. For question (a) assume that any adoption credit is;not limited by modified AGI or by the amount of tax liability.;a. What amount of adoption credit, if any, can;Niles and Marsha take in 2013?;b. Use;the above information but assume that their modified AGI was $ 205,000 in 2013.;What amount of adoption credit is allowed in 2013?;4. Determine the amount of the Earned Income;Credit in each of the following cases. Assume that the person or persons are;eligible to take the credit. Calculate the credit using the formulas.;a. A single person with earned income of $;7,354 and no qualifying children.;b. A single person with earned income of $;21,000 and two qualifying children.;c. A married couple filing jointly with earned;income of $ 27,190 and one qualifying child.

 

Paper#42291 | Written in 18-Jul-2015

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