Hi expert provide correct answer Sofia was awarded an academic scholarship to Pacific University for the2023-2024 academic year. She received $8,000 in August 2023 and $7,000in December 2023. Sofia had enough personal savings to pay all expenses asthey came due. Sofia's expenditures for the relevant period were as follows:•Tuition, August 2023: $5,200.•Tuition, December 2023: $5,800Room and board:o August-December 2023: $3,500оJanuary-May 2024: $3,000Books and educational supplies:August-December 2023: $1,300ооJanuary-May 2024: $1,500Determine the effect on Sofia's gross income for 2023 and 2024.

Step 1: Definition of Taxability of ScholarshipsScholarships and grants used to pay for qualified…

Answered: Sofia was awarded an academic…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 34P

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John Rider wants to accumulate $40,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Answer each of the following independent questions. Required: If John were to deposit a single amount, how much would he have to invest on December 31, 2021? If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit? If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?
Kara Delaney received a $6,000 gift for graduation from a relative. If she deposits the entire amount in an account paying 2 percent, what will be the value of this gift in 10 years? (Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, Exhibit 1-D)
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John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Answer each of the following independent questions. Required:1. If John were to deposit a single amount, how much would he have to invest on December 31, 2021?2. If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit?3. If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a 15,000 scholarship from North State Central in the current year. During the current year, he paid the following expenses: In addition, he received 6,000 for teaching two undergraduate accounting courses. What amount must be included in Deans gross income? a. 0 b. 6,000 c. 7,500 d. 21,000
Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amount
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities
Kelly receives a $40,000 scholarship to Ivy University. She uses $35,000 on tuition and books and $5,000 for rent while at school. Kelly will recognize _______ gross income. a.$10,000 b.$5,000 c.$30,000 d.$0 e.$40,000
Jack made monthly contributions of $200 to his son's RESP for a total of 12 years. The contributions as well as the CESG was invested at the end of every month in a fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel decides not to attend post-secondary education, and Jack makes a withdrawal from the RESP account in full, how much of that withdrawal will be Accumulated Income Payment? 56,230 19,367 O 25,127 28,800
A father has saved a fund to provide for his son's 4-year university program. The fund will pay $6310 at the end of each months for 6 months (the begin on September), plus an extra $9400 each September 1st, for 4 years. If j4 = 11.34 %, what is the value of the fund on the first day of university (before any withdrawals)?
Sam wants to donate $1,000,000 to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of j4-3.81% p.a. effective and the first scholarship will be first awarded 2.5 years after the date of the donation. (b) Assume that the fund's earnings rate rate has changed from 4-3.81% p.a. to j4-3.56% p.a. one year before the first scholarship payment. How much does Sam need to add to the fund at that time (one year before the first scholarship payment) to ensure that scholarship amount will be unchanged (rounded to two decimal places)? Question 9Answer a. 78309.64 b. 74276.05 C. 71226.96 d. 75395.75

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