Graham has accepted an offer to do graduate work in the chemistry department at State University. The chemistry department offered Graham a scholarship that will pay $5,000 toward his tuition, $500 toward his university fees, and $3,500 toward the cost of room and meals. Under the terms of the scholarship, Graham must work in the chemistry labs during the summer. What amount must Graham include in his gross income? a) $4,000 b) $9,000 c) $5,500 d) $3,500

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $75,000 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Cash contribution to State University deliveryman program $1,200 2,980 1,580 1,390 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income

Hilda received a research grant from the University of Timberland in amounts of $10,000 for her time and $3,000 for related supplies and expenses. She purchased a $28,000 Audi the day after depositing the school’s check. Hilda is a candidate for a PhD in philosophy and ethics. What is her gross income from the grant? Where did you locate your answer? If you located a case, Administrative Interpretation(s) or IRC section, is the authority still valid?

Cathy Coed is a full-time senior student at Big Research University (BRU). Cathy is considered by most as a brilliant student and has been given a $35,000- per year scholarship. In the current year, Cathy Pays the following amounts to attend BRU: Tuition $26,000 Required lab fees $300 Required books and supplies $1,000 Room and board $7,500 What are the tax consequences (i.e., how much is income) of the $35,000 current’s year scholarship to Cathy? In answering this case, use an online tax service with only the internal revenue code database selected. State your key words and which online tax services you used to arrive at your answer.

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,940 Cost of purchasing a delivery uniform 1,540 Cash contribution to State University deliveryman program 1,370 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year.

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,820 Cost of purchasing a delivery uniform 1,420 Cash contribution to State University deliveryman program 1,310 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Please post the right solution for this problem, for year 2022. This is for Tax 4001. Thank you.

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,850 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,970 Cost of purchasing a delivery uniform 1,570 Cash contribution to State University deliveryman program 1,385 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. What is Evan's AGI? What is Evan's Taxable Income?

Alpesh

Jesse is enrolled for one class at a local community college; tuition cost him $190. Jesse’s AGI is $20,000. Before considering a limitation due to tax liability, Jesse can take a lifetime learning credit of:   a. $38   b. $0   c. $190   d. $100   e. $250

Wally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More, the corporation loaned him $25,000 at the beginning of the year at a simple interest rate of 1 percent. Wally would have paid interest of $3,000 this year if the interest rate on the loan had been set at the prevailing federal interest rate. Required: a. Wally used the funds as a down payment on a speedboat and repaid the $25,000 loan (including $250 of interest) at year-end. a-1. Does this loan result in any income to either party? a-2. Indicate the amount of income to either party that results from the loan. b. Assume instead that Pay More forgave the loan and interest on December 31. What amount of gross income does Wally recognize this year? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B བིཀ Wally used the funds as a down payment on a speedboat and repaid the $25,000 loan (including $250 of interest) at year- end. Does this loan…