1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vaselesa [24]
3 years ago
13

Frank age 63 is single and provided all of the support for his daughter Anna age 24 and her son Marvin age 6. Neither Anna nor M

arvin lived with Frank at any time during the year. Anna was a full time student for 6 months of the year. She earned $8000 in wages and had no other income. Anna will file a return to get EIC. Can Frank claim Marvin as a dependent?
Business
1 answer:
allsm [11]3 years ago
3 0

Frank cannot claim Anna or Marvin as a dependent.

Explanation:

Because Frank gives Anna and Marvin every support, support tests are straightforward.

Anna earns revenue in excess of $4200 and can not therefore be requested as dependent. In fact, Marvin does not stay with Frank and can not therefore be stated as dependent.

The income tax credit, EITC or EIC is a bonus to low- and moderate-income employers. To apply, you must fulfill certain criteria and file a tax report, even if you are not obliged to pay a bill. The level of tax you pay is lowered by the EITC and a refund is probable.

You might be interested in
Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating act
kondor19780726 [428]

Answer:

Indicate how each item should be classified in the statement of cash flows using these four major classifications

Explanation:

Cash flows from operating activities

Profit before taxation

Adjustments for:

Depreciation

Investment income

Interest expense

Profit / (Loss) on the sale of property, plant & equipment

Working capital changes:

(Increase) / Decrease in trade and other receivables

(Increase) / (Decrease) in inventories

Increase / (Decrease) in trade payables

Cash generated from operations

Interest paid

Income taxes paid

Dividends paid

Net cash from operating activities

Cash flows from investing activities

Business acquisitions, net of cash acquired

Purchase of property, plant and equipment

Proceeds from sale of equipment

Acquisition of portfolio investments

Investment income

Net cash used in investing activities

Cash flows from financing activities

Proceeds from issue of share capital

Proceeds from long-term borrowings

Payment of long-term borrowings

Net cash used in financing activities

4 0
3 years ago
Powder room mess. for $300,000, willis agrees to build a new home for robert, who is very picky. willis builds the home to rober
irga5000 [103]

These types of damages are called “Compensatory damages”.

<span>Willis breached the contract but the breach was not material. So as a way to compensate for the damages Willis have made, he offered instead to pay $300 to put the correct faucets and linoleum in the powder room.</span>

5 0
3 years ago
Read 2 more answers
What is the difference between gross income, taxable income, and adjusted gross income?
melisa1 [442]

Answer:

Here is what I found, I hope it helps

Explanation:

Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.

6 0
3 years ago
Read 2 more answers
Give an example of one good or service produced in the United States using the command model. Justify your example using content
Ymorist [56]

What poster are you referring to? There’s nothing there but the question

5 0
3 years ago
Garth Corporation sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% a
Sonja [21]

Answer:

D) CM per unit: Increases

CM ratio: No change

BE in units: Decreases

Explanation:

Let us suppose that

In the first case

The selling price per unit is $100

And, the variable cost per unit is $50

The fixed expense is $100,000

So, the contribution margin per unit

= $100 - $50

= $50

The CM ratio is

= $50 ÷ $100

= 50%

And, the break even point in units is

= $100,000 ÷ $50

= 2,000 units

Now if the selling price per unit and the variable expense per unit both increase by 10%

So,

The selling price per unit is $100 × 1.10 = $110

And, the variable cost per unit is $50 × 1.10 = $55

The fixed expense is $100,000

So, the contribution margin per unit

= $110 - $55

= $55

The CM ratio is

= $55 ÷ $110

= 50%

And, the break even point in units is

= $100,000 ÷ $55

= 1,818 units

Hence, the last option is correct

8 0
3 years ago
Other questions:
  • Although china has a strong appreciation for tradition and its rich history of​ culture, it highly values enduring relationships
    13·2 answers
  • The Supply/Demand equilibrium price is __________ with an equilibrium quantity of _________. PRICE Column 1 Quantity Column 2 Qu
    12·1 answer
  • Which of the following jobs is a career in educational support (2 points)
    12·2 answers
  • Severe folate deficiency in adolescence can result in:
    5·1 answer
  • At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end ofthe year,
    13·1 answer
  • Flaws are counted on a standard steel plate (sheet). Each sheet has the exact same dimensions. If 8 sheets are selected at rando
    8·1 answer
  • Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 500 textiles and 1300 comp
    8·1 answer
  • Kray Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of u
    15·1 answer
  • What's the difference between a tax and a levy?
    5·1 answer
  • Schedule 1 (Form 1040), lines 8z and 24z will be used to report other ____________ that do not have their own designated line.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!