To be eligible for American Opportunity Credit, the student must meet all the following, except Select one: O a Be pursuing a degree or other recognized education credential b. Be enrolled at least half time for at least one academic period beginning in the tax year OC Does not have a felony drug conviction at the end of the tax year Od Did not claim the AOTC or the former Hope credit on any previous tax return

To be eligible for American Opportunity Credit, the student must meet all the following, except Select one: O a Be pursuing a degree or other recognized education credential b. Be enrolled at least half time for at least one academic period beginning in the tax year OC Does not have a felony drug conviction at the end of the tax year Od Did not claim the AOTC or the former Hope credit on any previous tax return

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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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Name Standard Deductions Single or married filing separately Campbe || Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Incom e Using the standard deduction table above, complete the following table (in $). Filing Statu S Adjusted Gross Income Adjustmen ts to Income $52,12 0 $1,560 $12,000 $ $24,000 Marrie d filing jointly When finding your client's taxable income, which deduction did you use? C standard deduction itemized deductions $18,000 Varies (See www.irs.gov for information.) $ Standard Deduction Itemized Deduction S $5,910 Taxable Income $
1. Taxpayers who are blind get the benefit of: a.An additional amount added to their standard deduction. b.Two standard deductions. c.An extra exemption. d.None of these choices are correct. 2. An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as: a.Single b.Head of household c.Married, filing separately d.Qualifying widow(er) e.None of these choices are correct. 3. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000
T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct. T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…
A non-VAT taxpayer recorded the following for the first three quarters of 2021.1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August?2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?
A taxpayer works for a single employer during the year (TY2018) and discovers that they withheld a total of $1,356 in VPDI. What is the amount of the credit that they can claim for this excess on their State return? (Look at the explanation as much as the answer) $0 - They only had a single employer. $0 - That is below the maximum amount and there is no excess. $0 - VPDI has no upper limit, unlike SDI. $206.33 - This is the excess over the $1,149.67 maximum.
This is US Tax and Law
Which 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.
Keith has a 2020 tax liability of $2,250 before taking into account his American Opportunity tax credit. He paid $2,600 in qualifying expenses, was a full-time student, was not claimed as a dependent on his parents' return, and his American Opportunity tax credit was not subject to phase-out. What is the amount of his American Opportunity tax credit allowed? a.$2,600 b.$0 c.$2,150 d.$2,250 e.$4,000
b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.
kai.9 Keith has a 2022 tax liability of $2,680 before taking into account his American Opportunity credit. He paid $2,820 in qualifying expenses, was a full-time student seeking a BA, was not claimed as a dependent on his parents' return, and his American Opportunity credit was not subject to phase out. What is the amount of his American Opportunity credit?
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Warfield Name Filing Status single Using the standard deduction table above, complete the following table (in $). Income $12,000 $3,340 $24,000 $18,000 Varies (See www.irs.gov for information.) When finding your client's taxable income, which deduction did you use? standard deduction itemized deductions Adjustments to Adjusted Gross Income Income $49,160 Standard Deduction ---Select--- Itemized Deductions $13,160 tA Taxable Income
Question 3 of 15. A taxpayer must file Form 8862 to claim certain credits after disallowance by the IRS. Which credit is affected by this requirement? Adoption Credit. Child and Dependent Care Credit. Earned Income Credit. Residential Energy Credit. Mark for follow up