Answered: Wendy is a single taxpayer and pays…

Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the amount of Wendy’s tuition deduction? $0 $7,800 $4,000 $2,000 $3,733.33

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 25MCQ

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Question

32.Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the amount of Wendy’s tuition deduction?

$0
$7,800
$4,000
$2,000
$3,733.33

33.

Alicia loses her job part way through 2020. Her employer pays her wages of $15,450 up through her date of termination. After that, she received $1,600 of unemployment compensation from the state until she gets a new job for which she is paid wages of $1,400 through year end. Based on this information, Alicia’s gross income for 2020 is:

$15,450
$16,850
$17,050
$18,450
$21,850

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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