Multiple Choice 2-32 Educational Incentives (LO 2.14) Wendy is a single taxpayer and pays tuition of $7,800 in 2021. Her 2021 AGI is $66,000. What is the amount of Wendy's tuition deduction? X a. $2,000 O b. $0 O c. $3,733.33 O d. $4,000 O e. $7,800
Q: Pioneer Manufacturing Co. has estimated total factory overhead costs of $84,750 and 13,500 direct…
A: Explanation of Factory Overhead: Factory overhead represents all manufacturing costs except direct…
Q: expert of general accounting answer
A: Step 1: Given Month of sale = 20%Month following the sale = 50%2nd month following the sale = 30%…
Q: None
A: Concept of Sales RevenueSales Revenue represents the total amount generated from selling goods or…
Q: Sophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived…
A: Realized Gain = Sale Price - Purchase Price= $460,000 - $75,000Realized Gain = $385,000 Since Sophia…
Q: What was the net income for the period?
A: Explanation of Revenue:Revenue represents the total earnings a company generates from its core…
Q: General Accounting Question please answer this one
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) measures a company's profitability by…
Q: Quick answer of this general accounting question
A: Step 1:First, calculate the total assets and total liabilities at the end of the period: Total…
Q: The entry to appythe factory overhead costs for the year would include?
A: Explanation of Factory Overhead:Factory overhead, also known as manufacturing overhead, refers to…
Q: Please give me correct answer this general accounting question
A: Step 1: Define Absorption CostingAbsorption costing is a costing method that includes all…
Q: General accounting question
A: How to determine which shares to sell and calculate the gain:Identify the Highest Cost Basis Shares:…
Q: choose best answer
A: Step 1: Definition of Contribution MarginThe Contribution Margin is the difference between sales…
Q: Solve this problem
A: Concept of Predetermined Overhead RateThe predetermined overhead rate is the estimated rate used to…
Q: If Salaries and Wages Expense is $448,600 during the year and the beginning and ending balances of…
A: Concept of Salaries and Wages ExpenseSalaries and Wages Expense represents the total compensation…
Q: General Accounting 5.2
A: Concept of Desired ProfitDesired profit refers to the target operating income a company aims to…
Q: A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for…
A: Calculation of Book Value of the AssetBook Value of the Asset = Cost − Accumulated Depreciation…
Q: Answer?
A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: Answer this Question
A: First, let's identify what we need to find:We need to calculate the Price-Earnings (P/E) ratioP/E…
Q: General Accounting
A: Step 1: Define Total Land CostThe Total Land Cost includes all expenditures necessary to acquire the…
Q: Hy expert please given answer
A: Step 1: Define Operating LeverageOperating leverage can be defined as the employment of an asset…
Q: Financial Accounting MCQ
A: Concept of Opportunity CostOpportunity cost refers to the value of the next best alternative that is…
Q: Hello ticher given correct answer general Accounting
A: Image.Explanation.The Capital Asset Pricing Model (CAPM) is a widely used financial model that…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Preferred StockPreferred stock is a type of equity security that provides…
Q: Correct option ? ?
A: Calculation of Gross ProfitGross Profit = Sales Price - Purchase Price = $800 -…
Q: answer plz
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: What is the correct option? ? General Accounting
A: Step 1: Calculation of total direct labor hoursNumber of scarves = 8,500Direct labor hours required…
Q: ?
A: Step 1: Contribution margin ratio.= (unit selling price - unit variable cost) / unit selling price=…
Q: Answer? ? General Accounting
A: Step 1: Contribution margin ratio Basis: Sales so the sales ratio is 100%Contribution margin ratio =…
Q: Calculate cash conversion cycle of this financial accounting question
A: Step 1: Define Cash Conversion Cycle (CCC)The Cash Conversion Cycle (CCC) measures the time taken by…
Q: What is the depreciation base of the machine on these financial accounting question?
A: Step 1: Definition of Depreciable BaseThe Depreciable Base of an asset is the total cost that can be…
Q: Need answer
A: Detailed explanation:Given:Purchased price of the equipment $ 25000Freight charges $ 1200Useful life…
Q: DP may has a net income of
A: Book Value per Share = (Total Assets - Total Liabilities) / Shares Outstanding= ($442,000 -…
Q: Answer
A:
Q: Financial Accounting Question
A: Step 1: Definition of Sustainable Growth Rate (SGR)The Sustainable Growth Rate (SGR) represents the…
Q: What is everest gross profit?
A: Step 1: Formula Gross profit = Sales - Cost of goods sold Step 2: Substitution Gross profit = Sales…
Q: Calculate pankaj's net income for the year
A: Explanation of Owner's Equity:Owner's equity represents the residual interest in a business after…
Q: Provide answer general Accounting
A: Step 1: Define Gain on Intra-Entity TransferWhen a subsidiary transfers assets to its parent…
Q: Titanic Corporation has a return on equity (ROE) of 38.50% and a retention ratio of 68.25%.…
A: Where:ROE = Return on Equity (given as 38.50% or 0.3850)Retention Ratio = The proportion of earnings…
Q: Use the information provided by iLembe Enterprises to answer the following questions independently.…
A: Step 1: Extract Key DataSelling Price per Unit (SP): R250Fixed Manufacturing Costs: R480,000Variable…
Q: Provide answer
A: The financial evaluation of Kragle Corporation's division was performed utilizing three principal…
Q: What is the recognized gain?
A: Explanation of Cost Basis: Cost basis represents the original purchase price of an investment plus…
Q: General accounting
A: Step 1: Introduction to bonds payableBonds payable refers to a type of long-term debt that a company…
Q: Help with accounting question
A: Step 1: Formula Degree of operating leverage = Contribution margin/Net operating income Step 2:…
Q: During the month of March, Neji Company used $32,800 of direct materials and incurred $46,100 of…
A: Concept of Direct MaterialsDirect materials are the raw materials that are used directly in the…
Q: Opereting cash flow if the tax rate in 34 percent? Provide answer
A: To calculate the operating cash flow (OCF) for The Pretzel Factory, we need to follow these steps:1.…
Q: help me to solve this questions
A: Step 1:The straight-line method is the easiest method to calculate the depreciation expense. It is…
Q: A manufacturer estimates its factory overhead costs to be $51,000 and machine hours to be 7,300 for…
A: To calculate the over- or under-applied factory overhead, we need to compare the estimated factory…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Total Manufacturing CostsTotal manufacturing costs represent all costs…
Q: answer plz
A: Step 1: Definition of Target SalesTarget sales are the desired level of sales that a business seeks…
Q: Calculate pankaj's net income for the year
A: Explanation of Sole Proprietorship: This is a business structure where one individual owns and…
Q: General Accounting
A: To calculate Nike's expected return using the Capital Asset Pricing Model (CAPM), we use the…
Step by step
Solved in 2 steps
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountMultiple Choice 2-32 Educational Incentives (LO 2.14) Wendy is a single taxpayer and pays tuition of $7,800 in 2021. Her 2021 AGI is $66,000. What is the amount of Wendy's tuition deduction? X a. $2,000 O b. $0 O c. $3,733.33 O d. $4,000 O e. $7,800Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,475 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $162,000, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $64,800, what is the American Opportunity tax credit they can claim for Janie? $
- Problem 7-19Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees. Question Content Area a. Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank a7afe900d02b00c_1 Question Content Area b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank 827b93f69fa7ff5_11Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00
- Self-Study Problem 1.7 What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,400 for single taxpayers and $2,800 for married, filing jointly taxpayers. An additional $1,400 is allowed for each qualifying child. 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2021. In 2021 they received an EIP of $4,200 based on their filing status and having a dependent child at the end of 2020. 2. Phoebe was a dependent taxpayer in 2020 and had not filed a tax return. In 2021, she failed to request and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 3. Mahima received a $1,400 EIP in 2021. Due to the birth of her son in 2021, Mahima was classified as a head of household taxpayer with AGI of $47,000. 4. Jane and Marshall file jointly in 2021 and claim two dependents. They received a $5,600 EIP in 2021. Jane received a large bonus in…only typed solutionSelf-Study Problem 5.4 For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2021. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. X b. During 2021, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda can contribute to the Section 401(k) plan on a tax-deferred basis? $ 10,000 If Linda's salary was $125,000, instead of $40,000, what is the maximum amount that she could contribute to the Section 401(k) plan on a tax- deferred basis? X
- Question 2 Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459, and her tax deductible purchases are: • Charitable contributions: $1,959 Mortgage interest: $2,334 • Educational Expenses: $5,115 Compute her final income tax using the following information: 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,550I need this question answer general Accounting questionMani
