subject
Business, 07.11.2019 22:31 michell282

Brendan and theresa are married and have three children in college. their twin daughters, christine and katlyn, are freshmen and attend the same university. their son, kevin, is a graduate student. brendan and theresa pay $12,000 in tuition and fees ($6,000 each) and $1,100 in textbooks ($500 and $600 respectively) for their daughters and $4,200 in tuition and fees for kevin and $400 in textbooks. the twins’ room and board is $2,600, while kevin's room and board is $1,400. brendan and theresa have an adjusted gross income of $77,000.

a. what amount can they claim as a tax credit for the higher education expenses they pay?

b. assume that their adjusted gross income is $116,000. what amount can they claim as a tax credit for the higher education expenses they pay?

c. assume the same facts as in part a, except that kevin is a freshman and the twins are graduate students. what amount can brendan and theresa claim as a tax credit for the higher education expenses they pay?

2. determine whether each of the following taxpayers must file a return in 2016:

a. felicia is a dependent who has wages of $6,100 and interest income of $225.

b. jason is a dependent who has interest income of $800.

c. jerry is self-employed. his gross business receipts are $43,000, and business expenses are $40,300. his only other income is $1,200 in interest from municipal bonds

3. martina is single and has two children in college. matthew is a sophomore and christine is in her fifth year of college. martina pays $3,600 in tuition and fees for matthew, $700 for textbooks, and $2,000 for his room and board. christine's tuition and fees are $4,800, her textbooks are $550, and her room and board expenses are $1,800. martina's adjusted gross income is $55,000.

a. what amount can martina claim as a tax credit for the higher education expenses she pays?

b. assume that martina's adjusted gross income is $83,000. what amount can she claim as a tax credit for the higher education expenses she pays?

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 16:30, josephrosanne18
Copyright law protects the expression of an idea so blank is protected by copyright
Answers: 1
image
Business, 22.06.2019 21:50, princessmoon
Labor unions have used which of the following to win passage of favorable laws such as shorter work weeks and the minimum wage? a. strikes b. collective bargaining c. lobbying d. lockouts
Answers: 1
image
Business, 22.06.2019 23:30, Kdub4evaa
Sports leave thousands of college athletes with little time for their studies. this is an example of
Answers: 1
image
Business, 23.06.2019 00:30, msc1595
Oimpermeable peaeiremblm: a garment you put on when it's raining. eddepnieent: a sales person. rrgteeaa: to negotiate the price of an article. jcaa: a box where the sales person keeps the money of his/her sales. rbatoa: something inexpensive. zalu: the color of the sky. gfolasdaes (3 words): an object that protects your eyes from the sun.
Answers: 2
You know the right answer?
Brendan and theresa are married and have three children in college. their twin daughters, christine...

Questions in other subjects:

Konu
Mathematics, 10.12.2020 01:00