Benjamin and Amelia Hopkins have been married since 2016.
Benjamin is a U.S. citizen with a valid Social Security number. Amelia is a resident alien with an Individual Taxpayer Identification Number (ITIN). They elect to file Married Filing Jointly.
Benjamin worked in 2020 and earned wages of $25,000. Amelia worked part-time and earned wages of $15,000.
They have two children: Harper, who is 9 years old, and Evelyn, who is 12 years old.
Both children were supported by their parents all year. Harper is a U.S. citizen and has a valid Social Security number. Evelyn is a resident alien and has an ITIN.
Benjamin, Amelia, Harper, and Evelyn lived together in the U.S. all year 7. Evelyn is a qualifying child for the child tax credit.
1. Which credit(s) can the Hopkins claim on their 2020 tax return?
a. Child tax credit for Harper
b. Credit for other dependents for Evelyn
c. Both a and b
d. Neither a norb
2. Are the Hopkins eligible to claim the earned income credit?
a. Yes, because Benjamin has a Social Security number.
b. Yes, because everyone has a taxpayer identification number.
c. No, because their income is too high.
d. No, because Amelia has an ITIN.

Answers

Answer 1

Answer:

1. c. Both a and b

2. a. Yes, because Benjamin has a Social Security number.

Explanation:

According to tax laws, you can claim a child tax credit for an American dependant below the age of 17 which qualifies Harper for it. Evelyn however qualifies for a Credit for other dependents as she is a resident alien and has an Individual Taxpayer Identification Number (ITIN).

Because Benjamin has a Social Security Number, the Hopkins are indeed eligible to claim an earned income credit. Married couples filling jointly can claim the credit if either of them are U.S. citizens with a valid Social Security number.


Related Questions

One current answer to the historical struggle within management to balance the things of production and the humanity of production is social business, including the use of social media. Please indicate if the social media benefits listed below aid a thing of production or the humanity of production. Social media benefit Thing of production Humanity of production Improve efficiency Facilitate collaboration

Answers

Answer:

Humanity of production

Explanation:

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000.
1. Prepare a cost of goods sold statement for the month of June.
Slapshot Company
Cost of Goods Sold Statement
For the Month of June
*Cost of goods sold
*Cost of goods Inventory, June 1
*Finished goods inventory June 30
*Work In process, June 1
___*___ $_____
___*___ _____
___*__ _____
__*____ $_____
2. Calculate the number of sticks that were sold during June.
units

Answers

Answer:

1. Cost of goods sold statement

Cost of goods sold Inventory, June 1             $80,000

Add: Cost of goods manufactured                 $437,000

Cost of goods available for sale                     $517,000

Less: Cost of goods sold Inventory, June 31 $84,000

Cost of goods sold                                          $433,000

2. Number of sticks sold during June

Units on June 1                           350

Add: Manufactured in June       1,900

Sticks available for sale             2,250

Less: Ending units June 30       370  

Number of sticks sold               1,880

A motel had the following business on a particular week. Number Occupied Type of room Sun Mon Tues Wed Thu Fri Sat Rate per night Nightly 60 60 60 60 60 $80 5-day Week 90 90 90 90 90 $64 7-day Week 50 50 50 50 50 50 50 $48 Weekend only 130 130 $56 If there are 200 rooms and the operating costs are $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period. Group of answer choices $57,360 $57,059 $64,160 $64,160

Answers

Answer:

Total profit for week = $57360

Explanation:

To calculate the profit for one-week period, we first need to calculate the revenue for one week period based on the given occupancy.

We will first calculate the revenue for every day and add it to calculate the revenue for the week.

Sunday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Monday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Tuesday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Wednesday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Thursday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Friday = 50 * 48  +  130 * 56  => $9680

Saturday = 50 * 48  +  130 * 56  => $9680

Total revenue for one week = 12960 * 5 + 9680 * 2  => $84160

To calculate the profit, we will first calculate the total cost.

Total cost = 20000 + (5 * 200 * 5 + 5 * 180 * 2)

Total cost = $26800

Total profit for week = 84160 - 26800

Total profit for week = $57360

At the beginning of the year, Cann Co. started construction on a new $2 million addition to its plant. Total construction expenditures made during the year were $200,000 on January 2, $600,000 on May 1, and $300,000 on December 1. On January 2, the company borrowed $500,000 for the construction at 12%. The only other outstanding debt the company had was a 10% interest rate, long-term mortgage of $800,000, which had been outstanding the entire year. What amount of interest should Cann capitalize as part of the cost of the plant addition

Answers

Answer:

$72,500

Explanation:

The computation of the amount of interest capitalized is as follows:

= ($500,000 × 12%) + ($625,000 - $500,000) × 10%

= $60,000 + $12,500

= $72,500

The Average expenditure for the year  is

= ($200,000 × 12 ÷ 12) +  ($600,000 × 8 ÷ 12)  + ($300,000 × 1 ÷ 12)

= $200,000  + $400,000  + $25,000

= $625,000

List at least one of each transaction related to all of the following business events:

a. Purchase of goods or services for cash
b. Providing services for cash
c. Providing services on account
d. Purchase of goods or services on account
e. Payment of a previously recorded expense
f. Receipt of a previously recorded revenue earned

Answers

Answer:

a. Purchase of goods or services for cash

Transaction: Cash paid towards the dresses and shoes for security guards.

Accounts affected: Cash and Purchases

b. Providing services for cash

Transaction: Cash received against Bill raised towards Security services to M/s Major Computers for November month

Accounts affected: Cash and Service Revenues

c. Providing services on account

Transaction: Bill raised towards Security services to M/s Prime innovators for November month

Accounts affected: Accounts Receivables and Service Revenues

d. Purchase of goods or services on account

Transaction: Purchases the dresses and shoes for security guards on credit form M/s Immediate Dress.

Accounts affected: Accounts Payable and Purchases

e. Payment of a previously recorded expense

Transaction: Payment of bill raised by M/s Immediate Dress towards purchase of security guards dresses and shoes last month.

Accounts affected: Accounts Payable and Cash

f. Receipt of a previously recorded revenue earned

Transaction: Received payments towards Bill raised to M/s Prime innovators for Security services for November month

Accounts affected: Accounts Receivables and Cash

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