To qualify for a loan of $35,000, an applicant must have a gross income of $29,000 if single, $47,000 combined income if married, and assets of at least $7,000. There are three applicants as described to the right. a) Identify which of the applicants would qualify for the loan. b) For the applicants who do not qualify for the loan, explain why. Mrs. Rusinek, married with three children, earns $44,000. Mr. Rusinek does not have an income. The Rusineks have assets of $44,000. Mr. Duncan is not married, works in sales, and earns $32,000. He has assets of $8,000. Mrs. Tuttle and her husband have total assets of $40,000. One earns $35,000, and the other earns $23,000. Determine if Mrs. Rusinek qualifies for the loan. Choose the correct answer below. OA. Mrs. Rusinek qualifies. OB. Mrs. Rusinek does not qualify because either her or her husband's income is too low. OC. Mrs. Rusinek does not qualify because her assets are too low. OD. Mrs. Rusinek does not qualify because their combined income is too low.

To qualify for a loan of $35,000, an applicant must have a gross income of $29,000 if single, $47,000 combined income if married, and assets of at least $7,000. There are three applicants as described to the right. a) Identify which of the applicants would qualify for the loan. b) For the applicants who do not qualify for the loan, explain why. Mrs. Rusinek, married with three children, earns $44,000. Mr. Rusinek does not have an income. The Rusineks have assets of $44,000. Mr. Duncan is not married, works in sales, and earns $32,000. He has assets of $8,000. Mrs. Tuttle and her husband have total assets of $40,000. One earns $35,000, and the other earns $23,000. Determine if Mrs. Rusinek qualifies for the loan. Choose the correct answer below. OA. Mrs. Rusinek qualifies. OB. Mrs. Rusinek does not qualify because either her or her husband's income is too low. OC. Mrs. Rusinek does not qualify because her assets are too low. OD. Mrs. Rusinek does not qualify because their combined income is too low.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

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