Tom is single and 68 years old. He has excellent eyesight. In 2020, Tom earned W-2 wages of $134,956 from his full-time job at Six Minutes, ABS, Inc. Tom received $11,886 in interest income from a Chevron Corporation bond that he owned in a taxable account. Tom had few allowable itemized deductions on Schedule A, so he claimed the standard deduction. For 2020:

1) Tom's Tax on Taxable Income is $.

Tom is single and 68 years old. He has excellent eyesight. In 2020, Tom earned W-2 wages of $1,051,472 from his full-time job at Six Minutes, ABS, Inc. He also received tips in that year of $16,059 by playing requests on the marimba. Tom did not receive any Social Security benefits. Tom paid alimony of $19,952 to his ex-wife (pursuant to their 2015 written divorce agreement.) Tom had few allowable itemized deductions on Schedule A, so he claimed the standard deduction.

For 2020:

1) Tom's Taxable Income is $.

In 2020, Eunice, age 66, had an AGI of $12,200 and received Social Security benefits of $2,200 for the year. Given the nature of the elderly and disabled credit, the allowable amount will be:

Question 3 options:

1)

$20

2)

$40

3)

$60

4)

$650

5)

None of these

In 2020, what is the amount of dependent care credit for a couple with two children where they spend $5,000 for dependent care and the husband earns $44,000 for the year and the wife earns $4,900 before the income tax limitation?

Question 4 options:

1)

$1,000

2)

$980

3)

$900

4)

$0

5)

None of these

In 2020, Bob and Tina Sebastian maintain a home and they have two children. Their earned income was $21,001 and adjusted gross income was $23,001. They file a joint return. What is the amount, if any, of their earned income tax credit for the year?

Question 5 options:

1)

5,528

2)

5,563

3)

5,142

4)

None of the above answers (within $20 plus or minus) are correct.