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Income Tax Accounting

by: Morris Beer II

Income Tax Accounting ACCT 3307

Marketplace > Texas Tech University > Accounting > ACCT 3307 > Income Tax Accounting
Morris Beer II
GPA 3.94


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This 2 page Class Notes was uploaded by Morris Beer II on Thursday October 22, 2015. The Class Notes belongs to ACCT 3307 at Texas Tech University taught by Staff in Fall. Since its upload, it has received 16 views. For similar materials see /class/226437/acct-3307-texas-tech-university in Accounting at Texas Tech University.

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Date Created: 10/22/15
Acct 3307 Fall 2007 Chapter 8 Practice Problems Jim and Pam are married ling jointly with 2 dependent children There AGI for 2007 totaled 250000 What is the amount of allowable exemption deduction 250000 234600 2500 616 70 2 14 reduction 3400 4 13600 14 1904 reduction 1904 13 635 reduction of reduction 1904 635 1269 13600 1269 12331 Dwight and Angela have an AGI of 114300 They have two dependent children ages 10 and 12 What is the amount of their child tax credit 114300 110000 4300 1000 43 round up to 5 50 250 reduction 2000 250 1750 Michael is single with two dependent children under the age of 13 He pays 8000 a year for quali ed child care expenses He has an AGI of 40000 How much may Michael claim for a child care credit 40000 15000 25000 2000 125 round up to 13 1 13 credit reduction 35 13 22 6000 1320 Ryan and Kelly have two children in college and an AGI of 110000 Sophia is a freshman Ryan and Kelly paid 1600 for tuition for her Jonus is a junior Ryan and Kelly paid 4500 for tuition for him What is the total amount of Higher Education credits that Ryan and Kelly may claim Sophia Hope Credit 1100 100 1100 500 50 250 Hope Credit 1350 Jonus LTLC 4500 20 900 Total credit for both children 2250 Phase out 110000 94000 16000 20000 080 credit reduction 1 080 20 2250 20 450


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