Waseem has $103,000 total taxable income, which includes $11,000 of taxable income from India. He paid $4,000 in foreign income taxes and his U. tax…
Waseem has $103,000 total taxable income, which includes $11,000 of taxable income from India. He paid $4,000 in foreign income taxes and his U.S. tax liability is $21,610. Waseem’s foreign tax credit is: (Do not round interim calculations)
$0.
$2,200.
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$4,000.
Julia and Omar are married and file a joint tax return. They have two dependent daughters, ages 14 and 18. If their AGI is $98,000, what amount of child tax credit can they claim?
$0.
$1,000.
$1,650.
$2,000.
Xavier is a self-employed plumber. His earnings from self-employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What is his deductible Keogh contribution for 2016?
$16,000.
$20,000.
$52,000.
$64,000.
The penalty per return for intentional disregard of filing requirements is:
$50 per return.
$260 per return.
$530 per return.
$100 per return.
Bubba earned a total of $221,100 for 2016. How much FICA tax is his employer required to withhold from Bubba’s paychecks for the year?
$10,525.95.
$10,552.95.
$10,742.85.
$10,741.95.
Mahmet earned wages of $118,700 during 2016. He is single and claims two withholding allowances. How much will Mahmet’s employer withhold in social security taxes for the year? (Round your answer to 2 decimal places.)
$7,347.00.
$7,359.40.
$7,353.20.
$7,316.00.
Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph’s lifetime learning credit without regard to AGI limitations or other credits?
$250.
$350.
$825.
$1,750.
Debbie files as head of household and has AGI of $35,500. During the year, she contributed $1,000 to a 401(k). What amount of retirement savings contributions credit can Debbie take?
$0.
$100.
$200.
$1,000.
Irene earned wages of $119,200 during 2016. How much will Irene’s employer withhold in social security taxes for the year?
$7,316.00.
$7,347.00.
$7,390.40.
$7,254.00.
Sergio is single, is paid $2,750 per week, and claims two withholding allowance. What is the amount of federal income tax withheld from Sergio’s gross wages for the week using the percentage method? (Round your answer to 2 decimal places.)
$580.40.
$602.17.
$464.29.
$811.25.