Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents pay $12,000 for his tuition and fees.   a. Assuming Austin’s parents have AGI of $73,000, what is the American Opportunity credit they can claim for John? Explain. b. Assuming Austin’s parents have AGI of $174,000, what is the American Opportunity credit they can claim for John? Explain.

Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the current year or next year. In the current year, her marginal tax rate is 24% and she anticipates she will be in the 32% marginal tax bracket next year. What advice can you give Ruth? Net revenue from bonus $ Current year Ruth should choose to receive her bonus in the ✓year. Next year

Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2022 traveling in Europe and was not a college student. He had gross income of $4,655 in 2022. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2022, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2022 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…

After grauating with a BBA in Accounting, Tina is considering going to college to get a Masters in Accounting. If she does not go to graduate school to get a Masters in Accounting, she will be eaming $115742 working at a public accounting firm, and spend $59222 on room and board. If she goes to college to get a Masters in Accounting, she will spend $44703 on tuition, $31797 on room and board, and $6432 on books. Tina just found out that if she decides to get a Masters in Accounting, she will have the opportunity to work as a TA and get paid $11604 while she is getting her Masters. What are Tina's opportunity costs of getting a Masters in Accounting?