Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2018, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit). Eliza can deduct for AGI________and________ from AGI?
Q: $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents…
A: Taxable income refers to the income or profit earned by an individual or an entity in a desired…
Q: After graduating from Concordia, Paulo successfully completed the mandatory real estate training and…
A: Debt to Asset ratio is the proportion of Debt to Total assets of a person or business. It is…
Q: enna, a longtime client of yours, is employed as an architect. To keep up to date with developments…
A: enna lifetime learning credit is $400,both the life time learning credit and the American…
Q: Ridge is a generous individual. During the year, she made interest-free loans to various family…
A: Imputed interest is the interest that is estimated to be collected by the lender, regardless of what…
Q: Emma has finished paying her parents and decides that she will divert most of those payments towards…
A: The question gives the following information:
Q: Linda and Richard are married and file a joint return for 2020. During the year, Linda, who works as…
A: On Linda and Richard's 2020 tax return, the amount of fringe benefits that should be included in…
Q: Gail is a single elementary school teacher. She buys the following items for use in her classroom in…
A: Construction paper and tissues $45 Materials for decorating the classroom bulletin boards $200…
Q: On December 27, 2019, Roberta purchased four tickets to a charity ball sponsoredby the city of San…
A: Deductions from tax - These are the amount of expense which are allowed to be deducted from the net…
Q: On December 27, 2021, Roberta purchased four tickets to a charity ball sponsored by the city of San…
A: Answer - a. Cash basis of accounting - Roberta can deduct ($200 x 4) - ($35 x 4) = $800 - $140 =…
Q: What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1,…
A: For the first year start-up tax deduction oo $5000 for start-up cost ( legal expenses,advertising,…
Q: Is Reba allowed to file as a head of household or single? Determine the amount of FICA taxes Reba…
A: Reba dixen is allowed to file as a head of household.
Q: ax provided she opted to use the graduate rate?
A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…
Q: Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a…
A: a. Deduction using the Actual cost method = Business parking + Toll road charges (business-related)…
Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…
A: Deduction for teachers and other education professionals for up to $250 in out-of-pocket expenses.…
Q: Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki…
A: A. Cost of the ring = sales price * (100% - gross profit percentage) Cost of the ring = $17,920 *…
Q: Randy and Randi Randall
A: as per the given question Net operative loss (NOL) could be a loss taken in a very amount wherever a…
Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…
A: Income tax: It is the tax every individual or company is liable to pay on the income generated…
Q: Required: Determine Gerald and Patty’s adjusted gross income for 2018. Determine Gerald and…
A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…
Q: Gail is a single elementary school teacher. She buys the following items for use in her classroom in…
A: A qualified educator can deduct unreimbursed trade expenditures of up to $250 ($500 if married and…
Q: Wanda is a single taxpayer and an elementary school teacher. She also tutors students in her home as…
A: GIVEN, School supplies for classroom= $300 Supplies and material for tutoring = $400 she uses 200…
Q: Sue is a 6th grade school teacher and wants to determine how much of her income this year will be…
A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…
Q: In 2018 Giles inherited a storefront from his uncle and so he left his job as a school librarian…
A: Revenue also known as sales revenue, which is defined as the amount of gross income that the…
Q: Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents…
A: Students who are going through a course of study that'll concluding lead to a degree and are still…
Q: I am having issues with medical expenses deduction and credits. With medical expenses wrong, it…
A: Gifts are not taxable if received from any blood relative Thus, gift received is not taxable.…
Q: Philip, a self-employed salesman, uses his Chevy to travel to potential buyers from his office.…
A: First, we need to calculate the total expenses on the car Total expenses = depreciation +…
Q: Dharka is a 22 year-old single male who is attending community college in a city that is 100 km from…
A: Budget Budget means to evaluate the total incomes and expenses which incurred in a stipulated period…
Q: Robyn is a taxpayer painted her office, which she uses for her business purposes. She has paid…
A: Robyn is a tax payer painted her office which is used for the purpose of business; she has paid…
Q: Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45 years…
A: Federal Income Taxes It is obligatory to part of the individual / corporates to pay the required…
Q: Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children.…
A: Standard Deduction: A standard deduction is a portion of an individual’s earned income that is not…
Q: On February 22020, Alexandra purchases a personal computer. The computer cost $2,200. Alexandra uses…
A: An asset is initially recognised at the original cost of acquisition. The cost of the asset is…
Q: Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to…
A: Itemized Deduction Gambling losses may be deducted only to the extent of Gambling winnings included…
Q: Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000,…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Tam attended Brown University during 2016-2020. She lived at home and was claimed by her parents as…
A: Solution Expenses for schooling are calculated as follows: Expenses for education = Expenses…
Q: a book club at a nearby community center makayla led the book for early January until March 19…
A: Self-employed people can use the ITR-4 or ITR-4S forms to file their income tax returns. Instead of…
Q: Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years…
A: Here discuss about the details of calculation of taxable income after making the adjustment from the…
Q: Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses…
A: Balance sheet is an important part of any organisation as it shows the the company's true face in…
Q: four years. She receives $1,200 of alimony payments each month from her former husband (divorced in…
A: Income tax refers to the mandatory percentile tax imposed by the authoritative government over the…
Q: Richie is an unmarried law student at State University Law School, a qualified educational…
A: If expenses are incurred for qualified education expenses for self, spouse or dependants, a…
Q: Jackson, a head of household taxpayer, has a 20-year-old daughter, Emma, who attends the University…
A: The interest on a student loan taken by the taxpayer or the child of the taxpayer shall be allowable…
Q: In 2019, Kelly buys a truck costing $35,000. She is going to use it for her construction business to…
A:
Q: Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a…
A: Education tax credit:- This tax credit helps in the cost of higher education by reducing the amount…
Q: Bree and Tom are married and file a joint return for 2020. During the year, Bree, who works as an…
A: Therefore the answer was 850+4000=$4850
Q: On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra…
A: Given: Cost of computer = $1,800 85% for business use, and 15% for personal use.
Q: Sunny is 27 and is completing her bachelor's degree at an accredited college during 2019. She paid…
A: AGI: The income computed from gross income and henceforth is used to compute the income that is…
Q: In 2019, Jose paid the following amounts for his son to attend Big State University: Tuition…
A: Qualified higher education expense for qualified tuition program = Tuition expenses + Room and Board…
Q: Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45 years…
A: Particulars Amount Description Gross income: Salary $38,000 Alimony received $14,400…
Q: Briana owns a second home that he rents to others. During the year, she used the second home for 50…
A: Here Brady used property for 50days
Q: Jarrod receives a scholarship of $26,200 from East State University to be used to pursue a…
A: A scholarship or fellowship is tax-free only if you are a degree candidate and the award is used to…
Q: In 2018 Giles inherited a storefront from his uncle and so he left his job as a school librarian…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2018, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit). Eliza can deduct for AGI________and________ from AGI?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Gail is a single elementary school teacher. She buys the following items for use in her classroom in 2021: Construction paper and tissues $45 Materials for decorating the classroom bulletin boards $200 Artist's smock used for in-class finger painting $30 12 Dozen erasers $15 What amount can Gail deduct either as a for or from AGI deduction in 2021? a.$250 as a for AGI deduction and $40 as a from AGI deduction b.$290 as a for AGI deduction and $0 as a from AGI deduction c.$250 as a for AGI deduction and $30 as a from AGI deduction (subject to 2% of AGI) d.$250 as a for AGI deduction and $0 as a from AGI deductionGail is a single elementary school teacher. She buys the following items for use in her classroom in 2019. Construction paper and tissues ---$45 Materials for decorating the classroom bulletin boards $200.00 Artist's smock used for in-class finger painting $30.00 12 Dozen erasers $15.00 What amount can Gail deduct either as a for or from AGI deduction in 2019?Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
- Other for AGI Deductions, Other Itemized Deductions (LO 5.5, 5.10) Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2020, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit). Eliza can deduct _________ for AGI and _________ from AGI.Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care creditJulie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit
- Adrian was awarded an academic scholarship to State University for the 2021–2022 academic year. He received $6,500 in August and $7,200 in December 2021. Adrian had enough personal savings to pay all expenses as they came due. Adrian's expenditures for the relevant period were as follows: Tuition, August 2021 $3,700 Tuition, January 2022 3,750 Room and board August–December 2021 2,800 January–May 2022 2,500 Books and educational supplies August–December 2021 1,000 January–May 2022 1,200 What amount, if any, must Adrian include in his gross income for 2021 and 2022? If an amount is zero, enter "0". 2022: $fill in the blank f1e429096fd0f81_2Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? a. Julie paid $2,000 to the day care center and her AGI is $50,000 (all salary). b. Julie paid $10,000 to the day care center and her AGI is $50,000 (all salary). c. Julie paid $4,000 to the day care center and her AGI is $127,000 (all salary). d. Julie paid $2,000 to the day care center and her AGI is $402,000 (all salary). e. Julie paid $4,000 to the day care center and her AGI is $14,000 ($2,000 salary and $12,000 unearned income).
- On December 27, 2019, Roberta purchased four tickets to a charity ball sponsoredby the city of San Diego for the benefit of underprivileged children.Each ticket cost $200 and had a fair market value of $35. On the same day as thepurchase, Roberta gave the tickets to the minister of her church for personal use byhis family. At the time of the gift of the tickets, Roberta pledged $4,000 to the buildingfund of her church. The pledge was satisfied by a check dated December 31,2019, but not mailed until January 3, 2020.a. Presuming that Roberta is a cash basis and calendar year taxpayer, how muchcan she deduct as a charitable contribution for 2019?b. Would the amount of the deduction be any different if Roberta was an accrualbasis taxpayer? Explain.Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care creditRenee works at Indigo Inc. and attends school part-time as part of her company’s educational assistance program. In 2022 her company reimbursed her a total of $6,250 for tuition, books, supplies, fees, etc., related to her schooling. How much of this amount can Renee exclude from her gross income A. $0, this is a company sponsored benefit and does affect the individual’s return B. $5,250, the maximum exclusion allowed under an employer’s educational assistance program C. $5,750, the maximum exclusion allowed under an employer’s educational assistance program D. $6,250, the maximum exclusion allowed under an employer’s educational assistance program