I need this done by 8:30 EST. ANSWERS ONLY!!!!
1. Taxpayer and Spouse are a married couple who file jointly. This year, Taxpayer earned salary from her employer of $165,000 and Spouse earned salary from his employer of $105,000. Determine the couple's Additional Medicare Tax for the year. 2. Taxpayer is single and earns no income other than $170,000 in salary from his employer. Determine Taxpayer's FICA tax liability for the year. You may round your final answer to the nearest dollar. 3. During the tax year, Taxpayer earned $97,000 in salary from his employer. Taxpayer also conducted a self-employment activity, the net profit of which was $45,000. Determine Taxpayers Self-Employment tax liability for the year. 4. T is a single taxpayer. For the taxable year, T reports taxable income of $41,000 which includes $2,000 of qualified dividends and $39,000 ordinary character income. Determine the couple's tax liability for the year. 5. Taxpayer and Spouse are a married couple filing a joint return and claiming the standard deduction. The couple have the following two dependents. During 2019, the couple earned salary of $405,000 and interest on corporate bonds of $15,000. Determine the total amount of Child Tax Credit and Credit for Other Dependents to which Taxpayer is entitled for the year. Child 1, age 6 at 12/31/19 Child 2, age 17 at 12/31/19 6. Taxpayer is single. During the tax year, Taxpayer earned salary of $30,500 at a full-time job. So that taxpayer could work, he paid a total of $4,100 to a day care facility to care for his dependent child, who was age 3 at the end of the year. Determine the amount of the Child and Dependent Care Credit to which Taxpayer is entitled for the year. 7. Taxpayer is 16 years old at year end and is a qualifying child of her parents. During the year, Taxpayer earned $5,500 of interest on corporate bonds. Determine Taxpayer's tax liability assuming her parents' marginal tax rate is 24-percent. 8. Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2020, Taxpayer sold all 350 shares for a price of $23 per shares (total sales price of $8,050). By 10 January 2021, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $22 per share (total cost of $7,700). Determine Taxpayer's basis in the 350 shares acquired in January of 2021. 9. Taxpayer's filing status is Head of Household. For the taxable year, Taxpayer claims the standard deductions, has no For AGI deductions and no QBID. Taxpayer reports only the following items of gross income. Determine Taxpayer's Net Investment Income Tax liability. Salary of $164,000, Interest income on corporate bonds of $32,000, Net long-term capital gains of $8,000 10. For the taxable year, Taxpayer's only income is $148,000 in net profit from a self-employment activity. Determine Taxpayer's self-employment tax for the year. You may round your final answer to the nearest dollar. 11. T has purchased the following shares of Stock A over a number of years. On 5 November of 2020, T wishes to sell 200 of these shares for $40 per share. Assuming T will take all steps to minimize the gain realized, determine the amount of long-term capital gain T will realized on this sale. 12. Taxpayer and Spouse are a married couple filing jointly. This year, the couple reported AGI of $168,000 and taxable income of $143,200. During the year, the couple paid $3,200 for tuition and related fees so that their dependent child, age 18, could attend her first year of college. Determine the amount of the American Opportunity Tax Credit to which the couple is entitled for the year after any applicable phase out. Note that the phase-out range for MFJ is $160,000 to $180,000. 13. T, who is single, sold the following stocks during the tax year and realized no other gains or losses. Determine the overall net gain or loss from these transactions, meaning the gain(s) and/or loss(es) after all required netting. $1,000 net short-term capital gain and $3,500 net long-term capital gain $2,500 net long-term capital gain None of these answers is correct $2,500 net short-term capital gain $2,500 net short-term capital loss $2,500 net long-term capital loss Multiple Choice 14. In the current year, Taxpayer had the following capital gains and losses from the sale of her investments: · $1,500 long-term capital gain · $25,500 short-term capital gain · $8,500 long-term capital loss · $14,500 short-term capital loss None of these choices is correct $4,500 net short-term capital gain $4,000 net short-term capital gain $4,000 net short-term capital loss $4,500 net long-term capital loss Multiple Choice