Jarrod receives a scholarship of $26,200 from East State University to be used to pursue a bachelor's degree. He spends $15,720 tuition, $1,310 on books and supplies, $5,240 for room and board, and $3,930 for personal expenses. How much may Jarrod exclude from his gross income? $4

Jarrod receives a scholarship of $26,200 from East State University to be used to pursue a bachelor's degree. He spends $15,720 tuition, $1,310 on books and supplies, $5,240 for room and board, and $3,930 for personal expenses. How much may Jarrod exclude from his gross income? $4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Suppose that Charles holds the land for appreciation. What is the deductible taxes from AGI?
Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350 What amount can Ned include in his itemized deductions?
Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,900 and $23,500, respectively, each year. Assume that Trevor makes the charitable contribution for 2024 in December of 2023. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction.
s
Tyler, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are $685 (airfare), $200 per day (meals at local restaurants), and $145 per night (lodging). If required, round your answers to the nearest dollar. What are Tyler's deductible expenses in the below year: 2023 2022
Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ 48000 this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $24000 Or, if he contributes the publicly traded stock to a private nonoperating foundation, he can deduct $ 16000 year. Correct Answer 90000 45000 30000 this
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $34,000 from County Bank and paid interest of $2,040. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Answer is complete but not entirely correct. $ Interest deduction 1,496 X
Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000
Heidi will earn $80,965 in wages this year. • She contributed $2,000 to an IRA. • She received a gift from her parents to put a down payment on a new car totaling $5,000. • Heidi takes the larger of her itemized deductions or the standard deduction. • She donated $1,000 to a qualified charity. 2019 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Taxable income
(please Solve quickly)
Jackson, a head of household taxpayer, has a 20-year-old daughter, Emma, who attends the University of Minnesota full-time. During 2020, Jackson incurred the following expenses related to Emma's education: 1. Tuition and fees - $13,750 2. Textbooks - $785 3. Rent for campus apartment - $4,200 4. Campus dining plan - $2,150 5. Laptop - $3,600 6. Clothes, toiletries, transportation - $1,890 Jackson paid for Emma's living expenses out of pocket each month, but he took out a loan to cover her tuition and fees, the campus dining plan, and her laptop. During 2020, he paid a total of $895 of interest on that loan. Assuming that Jackson is not subject to an AGI limitation, how much of Emma's college expenses can Jackson deduct in 2020?
7.Bree and Tom are married and file a joint return for 2020. During the year, Bree, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Tom used the same amount. Bree and Tom also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Tom is employed at State University as an accounting clerk. Under a tuition reduction plan, Tom saved $4,000 in tuition fees during 2020. He is studying for a master’s degree in business at night while still working full-time. Tom also had $30 worth of personal typing done by his administrative assistant at the University. What is the amount of fringe benefits that should be included in Bree and Tom’s gross income on their 2020 tax return?