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FedTax _JoeyFinley_ Unit 2_Assignment

FedTax _JoeyFinley_ Unit 2_Assignment - Taxation and...

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Taxation and Determination of Tax Joey D. Finley Kaplan University Federal Tax AC256 Emil Koren May 31, 2011 Problem 1:2:40 1. Dependency Exemptions and Child Credit. How many dependency exemptions are the following taxpayers entitled to, assuming the people involved are U.S. citizens? Which dependents qualify for the child credit? a. Andrew supports his cousin Mary, who does not live with him. Mary has no income and is single. No Dependency Exemption, Mary doesn’t live with Andrew. No Child Credit. b. Bob and Ann are filing a joint return. Bob provided over one-half of his father’s support. The father received Social Security benefits of $6,000 and taxable interest income of $800. The father is single and does not live with them. 1 Dependency Exemption for Bob’s dad. No child credit. c. Clay provides 60% of his single daughter’s support. She earned $3,000 while attending school during the year as a full-time student. She is 22 years old. 1 dependency exemption for Clay’s daughter is she lived with Clay. No Child Credit.
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