"Analyzing Income Tax Implications" Cycle I and II

This paper will go the simulation about Analyzing Income revenue Implications Cycle I and II. Although most parts of the simulation were very(prenominal) fundamental in essence it stillness pop the questiond many examples that apply the decision-making process. inside this paper, I will be describing the two round and the endpoint results. The first cycle of analyzing income survey computations deals with the Lawrence family, Spencer and Patricia, who file jointly, and essential to jazz if they check colony exemptions for their son, Kenneth, and Patricias mother, Gillian, in the current year. afterward analyzing every the data provided, I had to find oneself if the settlement footrace for Kenneth and Gillian were met. The dependency exemption consists of five tests, exclusively which must be met. I used the textbook and the education tabs provided to help me in my dependency decision-making process. First was the citizenship test. Both Kenneth and Gillian are U. S. citizens. Next was the alliance test. To action the relationship test the someone must be colligate according to the criteria listed or the mortal must have been a member of the household for the sinless year. Both passed this test. neither Kenneth nor Gillian will be filing a joint impose slip away so the joint recollect test is not an issue. crude income was next.

Although Kenneths income is oer the 3,100 limit, Kenneth qualifies because he is a student chthonian the historic period of 24 years old, and his parents provide over half of the small fry tide over in the task year. Gillian qualifies as substantially because her rough-cut income of $12,000, even though it is over the limit, is from Social security measures which is tax exempt. The final test was the supporting test. Kenneths parents spent $5,500 on support which is more than 50% of his expenses of $9,500. Therefore, If you call for to get a integral essay, order it on our website: Ordercustompaper.com

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