On December 31, 2020, Elena and Edgardo would like to give the maximum amount possible to their five married children, their spouses, and their six grandchildren. Under the Federal gift tax annual exclusion, and assuming that Elena and Edgardo elect gift splitting, how much can they give their family (in total) for 2020

$480,000

Explanation:

The Federal gift tax annual exclusion is $15,000 per person. Since they are gift splitting, they can give up to $30,000 per person. The limit is imposed by the couple's total lifetime exclusion which is $11.58 million for 2020. This means that you can make gifts to multiple people during your lifetime and if the total gifts do not pass the lifetime exclusion, you will not be taxed for it.

5 children x 2 (their spouses) = 10 people

6 grandchildren

total = 16 people

total annual gifts = 16 x $30,000 = $480,000

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"