How much of a “For AGI” deduction can a K-12 teacher deduct each year
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Q: the lifetime learning credit
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How much of a “For AGI” deduction can a K-12 teacher deduct each year
The full form of AGI is adjusted gross income. Which simply means income derived after applying all kinds of applicable deductions and credits.
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- Other for AGI Deductions, Other Itemized Deductions (LO 5.5, 5.10) Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2020, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit). Eliza can deduct _________ for AGI and _________ from AGI.Example 4-1 Carl Jamison, an employee for the Scharman School, belongs to a tax-deferred retirement plan to which he contributes 3 percent of his pay which is matched by the school. His biweekly pay is $2,500. Because of the deferral (3% × $2,500 = $75), $2,425 is subject to federal income tax withholding. George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,120. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent. a. What is the maximum that he can contribute into this retirement fund? $ b. What would be the company's contribution? $ Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances,…If you qualified for the third stimulus check of $1,400 issued during the first or second quarter of 2021 and spent all of it on taxable items in your hometown with a sales tax rate of 9.23%, how much did you spend on your items and how much did you spend on taxes? Note: Round your final answers to the nearest cent. Amount spent on items Amount spent on taxes
- PLEASE TYPE IT AND NOT HANDWRITTEN What amount must be set aside on Harvey's 7th birthday which will provide 24 quarterly payments of P5,000 for school expenses, if the first payment is to be made on his 18th birthday, being a freshman in college? Assume that money is worth 6% compounded quarterly?1) Did Compulsory Schooling Law increase the success of students? (Use information provided in the table)5) During 2019 you have net employment income of $40,000, a net property loss of $16,000, interest income of $6,000, and income from royalties of $7,000. The royalties were on a book you wrote. You do not have Unused RRSP Deduction Room from previous years. Your employer contributed $3,000 to your RPP. Your maximum deductible Registered Retirement Savings Plan contribution for 2020 is: A) $3,660. B) $1,320. C) $5,580. D) $2,580.
- What categories of expenses are represented on the Schedule A for itemized deductions? What is the definition of gross income? “Gross income includes all income unless….” How much of a “For AGI” deduction can a K-12 teacher deduct each year? What amount of moving expenses are deductible beginning in 2019?What is required for the employer's payment of a student's loan to be tax - free to the student?Payment must not exceed $2,500Payment must be only for loan principal Payment must be only for loan interestThe student employee must not have the option to receive the funds as taxable incomeWhich of the following statements is not true regarding the education credits? Multiple Choice The American Opportunity tax credit is only available for the first two years of postsecondary education. The American Opportunity tax credit is limited to $2,500 per student per year. The Lifetime Learning credit is limited to $2,000 per taxpayer per year. A taxpayer cannot receive the American Opportunity tax credit if he/she has a felony drug conviction.
