Debra is a junior at State College. To offset the cost of attending college full-time, Debra...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Debra is a junior at State College. To offset the cost of attending college full-time, Debra has a part-time job. During the tax year, Debra earned $8,000. Her parents also provide some support for her and claim her on their tax return. During the tax year, Debra paid $2,780 of her tuition bill and her parents paid $2,780. Debra also paid for her own books, which cost $460. Her parents helped her by paying part of her rent and grocery bill. After reading about refundable tax credits, Debra realized that she, or her parents, were eligible to claim the American Opportunity Credit. What is Debra's filing status, standard deduction amount, and taxable income for the year? Remember that she is claimed on her parents' tax return. (Round answers to 0 decimal place, e.g. 5275.) Debra's filing status i: ✔ single married Standard deduction amount is $ Taxable income for the year is $ How much tax will be assessed to Debra based on her taxable income calculated in the previous question? (Round answers to 0 decimal place, e.g. 5275.) Based on her taxable income, the amount of tax payable is $ eTextbook and Media If Debra were to be able to claim the American Opportunity Credit, how much would the refundable and non refundable portions of the credit total? Can Debra claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra ✓ eTe. can cannot claim the American Opportunity Credit. .d Media If Debra's parents were to be able to claim the American Opportunity Credit, how much would the refundable and nonrefundable portions of the credit total? Assume that Debra's parents have an assessed tax of $4,830. Can Debra's parents claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra's parents can cannot eTextbook ... claim the American Opportunity Credit. Debra is a junior at State College. To offset the cost of attending college full-time, Debra has a part-time job. During the tax year, Debra earned $8,000. Her parents also provide some support for her and claim her on their tax return. During the tax year, Debra paid $2,780 of her tuition bill and her parents paid $2,780. Debra also paid for her own books, which cost $460. Her parents helped her by paying part of her rent and grocery bill. After reading about refundable tax credits, Debra realized that she, or her parents, were eligible to claim the American Opportunity Credit. What is Debra's filing status, standard deduction amount, and taxable income for the year? Remember that she is claimed on her parents' tax return. (Round answers to 0 decimal place, e.g. 5275.) Debra's filing status i: ✔ single married Standard deduction amount is $ Taxable income for the year is $ How much tax will be assessed to Debra based on her taxable income calculated in the previous question? (Round answers to 0 decimal place, e.g. 5275.) Based on her taxable income, the amount of tax payable is $ eTextbook and Media If Debra were to be able to claim the American Opportunity Credit, how much would the refundable and non refundable portions of the credit total? Can Debra claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra ✓ eTe. can cannot claim the American Opportunity Credit. .d Media If Debra's parents were to be able to claim the American Opportunity Credit, how much would the refundable and nonrefundable portions of the credit total? Assume that Debra's parents have an assessed tax of $4,830. Can Debra's parents claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra's parents can cannot eTextbook ... claim the American Opportunity Credit.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these business communication questions
-
To offset the cost of buying a $75,000 house, a couple borrowed $12,500 from their parents at 6% nominal interest, compounded monthly. The loan from their parents is to be paid off in five years in...
-
The cost of attending your college has once again gone up. Although you have been told that education is investment in human capital, which carries a return of roughly 10% a year, you (and your...
-
As player salaries have increased, the cost of attending basketball games has increased dramatically. The file NBA Cost2013 contains the cost of four averaged- priced tickets, two beers, four soft...
-
Suppose a parent was earning $20,000 per year working at a local firm. The parent then decides to quit his job in order to care for his child, who was being watched by a babysitter for $10,000 per...
-
Consider a French portfolio manager who invests $10,000,000 in shares of a U.S. company. In order to hedge the stock market risk, he sells S&P 500 stock index futures that expire in three months. The...
-
Cantrell, the controller of Xylecs Inc., was forced to retire at age 58 due to a general company policy. Although Cantrell has a company pension of $50,000 per year, she believes that her lifestyle...
-
In a diesel engine, the fuel is ignited by (a) spark (b) injected fuel (c) ignitor (d) compressed air heat
-
To produce one unit of Product C requires eight hours of labor at a standard cost per hour of $25.00. During the month of September, 5,500 units were produced. Actual hours and costs for the month...
-
The cash account for the Justice Company at June 30, 20X8 indicated a balance of $5900. The bank statement indicated a balance of $5800 on June 30, 20X8. Comparing the bank statement and the...
-
The click throughs obtained for Eltronix Inc during an eight-week period are provided in the table below. Eltronix ran a branded keyword search campaign in the first four weeks at a CPC of $0.15....
-
Find the equation for the plane through the points Po(2, -5, -2), Qo(-1,1,3), and Ro(-4,5,2). Using a coefficient of - 13 for x, the equation of the plane is (Type an equation.)
-
14. A services marketer has discovered a problem that can be corrected through better employee training. Which of the 7 P's of the services marketing mix is this marketer dealing with? People Price...
-
What distinguishes a profit center from a cost center? a . Profit centers have revenues and expenses b . Profit centers have personnel costs c . Cost centers are on the second floor d . Profit...
-
The equity of Alliance Company is $150,000 and the total liabilities are $20,000. The total assets are OA. $130,000 B. $170,000 C. $300,000 O D. $40,000
-
c) Two charged particles Q and O are arranged in line as shown in Figure 4. The distance between Q and point P is R and between Q is 0.03 m. Calculate the electric potential at point P? (k=8.99 10 N....
-
Any statements or confessions obtained from a suspect before he or she has been read the Miranda rights can be excluded from evidence at trial. A True B False
-
The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
An investment firm is considering two alternative investments, A and B, under two possible future sets of economic conditions, good and poor. There is a .60 probability of good economic conditions...
-
An investor is considering two investments, an office building and bonds. The possible returns from each investment and their probabilities are as follows: Using expected value and standard deviation...
-
If the maximum operating capacity of the Retread Tire Company, as described in Problem 2, is 8,000 tires annually, determine the break-even volume as a percentage of that capacity. Data From Problem...
-
How would you randomize, for a two sample test, in each of the following cases? (a) Forty combustion engines are available for a speed test and you want to compare a modified exhaust valve with the...
-
Random samples are taken from two normal populations with \(\sigma_{1}=9.6\) and \(\sigma_{2}=13.2\) to test the null hypothesis \(\mu_{1}-\mu_{2}=41.2\) against the alternative hypothesis...
-
Refer to Example 13 concerning an array of sites that smell toxic chemicals. When exposed to the common manufacturing chemical Arsine, a product of arsenic and acid, the change in the red component...
Study smarter with the SolutionInn App