Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally...

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Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer Oa. Exclusion Credit b. Exclusion Exclusion С. Credit Exclusion Od. Credit Credit Carla and Bob finalized an adoption in 2018. Their adoption fees totaled $9,500. They have AGI of $213,140 for 2018. What is their adoption credit? Oa. $13,810 Ob. $9,500 Oc. $8,550 d. $8,075 Jim has foreign income. He earns $26,000 from Country A which taxes the income at a 20 percent rate. He also has income from Country B of $18,000. Country B taxes the $18,000 at a 10 percent rate. His US taxable income is $90,000, which includes the foreign income. His US income tax on all sources of income before credits is $19,000. What is his foreign tax credit? Oa. $7,000 Ob. $6,500 Oc. $9,289 Od. $19,000 Oe. Jim does not qualify for a foreign tax credit. American Opportunity tax credit? Steve goes to Tri-State University and pays $40,000 in tuition. Steve works to pay for his schooling and has an AGI of $37,000. How much is Oa. $2,000 Ob. $1,000 Oc. $2,500 Od. $4,000 Oe. He does not qualify for the American Opportunity tax credit. Keith has a 2018 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? Oa. $2,600 Ob. $0 Oc. $2,150 Od. $2,250 Oe. $4,000 Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer Oa. Exclusion Credit b. Exclusion Exclusion С. Credit Exclusion Od. Credit Credit Carla and Bob finalized an adoption in 2018. Their adoption fees totaled $9,500. They have AGI of $213,140 for 2018. What is their adoption credit? Oa. $13,810 Ob. $9,500 Oc. $8,550 d. $8,075 Jim has foreign income. He earns $26,000 from Country A which taxes the income at a 20 percent rate. He also has income from Country B of $18,000. Country B taxes the $18,000 at a 10 percent rate. His US taxable income is $90,000, which includes the foreign income. His US income tax on all sources of income before credits is $19,000. What is his foreign tax credit? Oa. $7,000 Ob. $6,500 Oc. $9,289 Od. $19,000 Oe. Jim does not qualify for a foreign tax credit. American Opportunity tax credit? Steve goes to Tri-State University and pays $40,000 in tuition. Steve works to pay for his schooling and has an AGI of $37,000. How much is Oa. $2,000 Ob. $1,000 Oc. $2,500 Od. $4,000 Oe. He does not qualify for the American Opportunity tax credit. Keith has a 2018 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? Oa. $2,600 Ob. $0 Oc. $2,150 Od. $2,250 Oe. $4,000

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Answers 1 Taxpayers are allowed two tax breaks for adoption expenses They are allowed c Qualified Expenses Paid Personally Paid by employer Credit Exc... View the full answer