Sue Smith owns a 300 unit tax credit property. She received a total credit allocation covering 200 of her units and committed to the 20% @ 50% minimum set aside. To earn the maximum possible tax credit, how many units should Sue rent to residents with income no greater than 50% of the area median? OA. 60 units OB. 100 units c. 200 units OD. 300 units

Sue Smith owns a 300 unit tax credit property. She received a total credit allocation covering 200 of her units and committed to the 20% @ 50% minimum set aside. To earn the maximum possible tax credit, how many units should Sue rent to residents with income no greater than 50% of the area median? OA. 60 units OB. 100 units c. 200 units OD. 300 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $52,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 $15,000 35% 15,000 17,000 34% 17,000 19,000 33% 19,000 21,000 32% 21,000 23,000 31% 23,000 - 25,000 30% 25,000 - 27,000 29% 27,000 - 29,000 28% 29,000 31,000 27% 31,000 33,000 26% '33,000 35,000 25% 35,000 37,000 24% 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 21% 43,000 No limit 20% What is their 2022 child and dependent care credit? 9,000 x
Subject: acounting
Tax Drill-Credit for Child and Dependent Care Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $28,000 and incurred $9,100 of child care expenses. Click here to access the percentage chart to us for this problem. Ivanna and Sergio's credit for child and dependent care expenses is s 4
Problem 12-42 (LO. 4) This year, Jalissa and Jesse, a married couple, made energy-saving improvements to their home. These improvements included $6,300 to replace all windows with Energy Star certified windows and $570 for a home energy audit. a. Compute this couple's energy efficient home improvement credit, if any. Feedback Check My Work b. What tax planning advice would you offer this couple as they continue to incur costs to make their home more energy efficient? To maximize use of the $ annual limit for the energy efficient home improvement credit should try to make these improvements over more than one tax year. ✓, Jalissa and Jesse
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
Title Record these transactions in the General Journal, complete with suitable explanations. Ask your... Description Record these transactions in the General Journal, complete with suitable explanations. Ask your instructor which of the following tax rates to use: i. Add 5% GST only ii. Add 13% HST iii. Add 5% GST 1 7% PST 1. Rita Jackson, owner of a grocery store, withdrew merchandise for her own use, $55 plus tax(es). 2. Issued cheque to the Provincial Telephone Co. to pay the following: company telephone bill, $45.50 plus tax(es), and owner’s home telephone bill, $41.10. 3. Owner has given you the receipt for a bouquet of flowers sent to her husband. The amount was paid by company cheque, $25. 4. Owner took used printer, valued at $225 plus tax(es), from the business for personal use at home. 5. Issued cheque for $500 to Ms. Jackson for personal use. 6. Owner took office supplies for own use, $15 plus tax(es). 7. Paid owner’s personal dry-cleaning bill, $15.50, with a…
CENU COC Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200 for their eligible work-related expenses. Marty's W-2 shows $56,720 in wages box 1. Dee was a full-time student for 10 months. The dollar limit for their work-related childcare expenses is. Select one: O a $2,500 b. $3,000 c. $5,200 d. $8,000 - e. None of these 4 ~nd bör danskt- Pinde ---- to non Powered by TOPY 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities
I need help on part b and part d. Thanks.
A-7
points Karl works at Moe's grocery. This year Karl was paid $43.000 in salary but he was allowed to purchase his groceries at 10% below Moe's cost. This year Karl spent $3.600 to purchase groceries costing Moe $4,000 and worth $6,000. What amount must Kart include in his gross income? A $46,600 B$47,000 OC $49,000 D. 543,400 E $45,500