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  21) The adoption credit is only available for domestic adoptions. 22) There is no maximum amount for the adoption credit. 23) The earned income credit (EIC) is a nonrefundable credit. 24) The earned income credit is available only for taxpayers with children. 25) The maximum amount of earned income credit for a joint taxpayer.
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  116) Andrew and Marina are married filing joint and have modified AGI of $77,500. Andrew made a contribution to a qualified retirement plan of $2,000 during the year. How much is their retirement savings contributions credit? A) $0. B) $1,000. C) $1,250. D) $2,500. 117) Max and Nora have modified AGI of $75,000, and adopted.
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  81) Chris and Sarah are married with three qualifying children. Their AGI is $26,000. How much is their EIC (use the EIC formula)? (Round your answer to the nearest dollar) A) $1,650. B) $3,461. C) $6,084. D) $6,431. 82) George is a single father who has 2 qualifying children. His AGI is $22,000. How much.
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  56) Sam paid the following expenses during October 2018 for his son Aaron's spring 2019 college expenses: Spring 2019 semester begins in January 2019:   Tuition $ 18,000 Housing   8,000 Meal plan   3,500   In addition, Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college. Aaron is claimed as Sam's dependent on his tax.
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29. Darren paid the following expenses during November 2018 for his son Sean’s college expenses for spring 2019 semester, which begins in January 2019: Tuition $12,000 Housing 8,000 Books 1,500 In addition, Sean’s uncle paid $500 in fees on behalf of Sean directly to the college. Sean is claimed as Darren’s dependent on his.
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  121) Thomas and Emma are married, file a joint return, and have three qualifying children. Their AGI was $21,000. What is their EIC? A) $0. B) $3,461. C) $5,716. D) $6,431. 122) Victoria is single with two qualifying children and AGI of $24,000. What is her EIC? A) $3,461. B) $4,591. C) $5,601. D) $5,716. 123) Andy and Delilah both.
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  101) Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada. Nicole is a sophomore and Naomi is a freshman. Nick and Katelyn's AGI is $202,000. What is their allowable American opportunity tax credit? A) $0. B) $2,000. C).
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  11) The American opportunity tax and lifetime learning credits are not available to taxpayers who are married filing separately. 12) If the modified AGI of a married filing joint taxpayer exceeds $134,000 in 2018, the lifetime learning credit phases out completely. 13) The maximum lifetime learning credit per taxpayer is $3,000 per.
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  26) A taxpayer may become ineligible for earned income credit if he/she has excessive disqualified income such as dividends or interest. 27) The earned income credit is adjusted each year for inflation. 28) The Affordable Care Act requires all individuals to have health care coverage. 29) Taxpayers with household income between 100% and.
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  36) The maximum allowable lifetime learning credit per year is $2,000 per student. 37) The American opportunity tax and lifetime learning credits are available to taxpayers without any limitations due to AGI amounts. 38) The foreign tax credit is available only to individuals born in a foreign country. 39) The child tax credit.
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56. Determine the retirement savings contributions credit in each of the following cases. a) A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,600. b) A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,500. c) A head of household taxpayer.
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110) What criteria determine a personal and rental use property as personal/rental? How is net income or loss treated for tax purposes for a personal/rental property? 111) What are the rules concerning the deductibility of travel as it relates to rental properties? How are travel expenses to and from rental properties.
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  76) Jesus and Mindy have modified AGI of $210,000, adopted a girl from Miami, Florida, and incurred a total of $18,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in the current year? (Do not round interim calculations) A) $987. B) $12,823. C) $13,810. D) $18,000. 77) Angelina is.
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  41) The retirement savings contributions credit is available for head of household taxpayers only. 42) The maximum contribution amount for the retirement savings contributions credit for each tax year is 20% of a taxpayer's AGI. 43) The maximum adoption credit is 50% of all qualified expenses. 44) The earned income credit (EIC) is.
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  6) The maximum allowable American opportunity tax credit for the current tax year is $2,500 per eligible student. 7) A student can only receive the lifetime learning credit if he/she is enrolled in a degree program. 8) The American opportunity tax credit phases out beginning at $80,000 of modified AGI for single.
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  61) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation? A) $0. B) $1,800. C) $2,500. D) $9,300. 62).
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50. In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of American opportunity tax credit (AOTC) and/or lifetime learning credit that.
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  106) Brendan paid $950 to Brazil in foreign income taxes. His total income was $52,500, which included $12,000 of investment income from Brazil. His U.S. tax liability is $8,000. Brendan's foreign tax credit is: A) $0. B) $950. C) $1,829. D) $12,000. 107) Adrienne has total taxable income of $93,000 which includes $10,000 taxable income.
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