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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.

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In 1998 the foreign trade term most favored nation was changed to what
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In 1998 the foreign trade term most favored nation changed into normal trade relation. Most favored nation is a term given by a country to another country. This term show that country interested to increase the trade between them. A country with this term will get some benefit from the giving country because the giving country may reduce their protection in trade to the country with the most favored nation term<span>.</span>
7 0
3 years ago
Savion is restoring a car and has already spent $4,000 on the restoration. He expects to be able to sell the car for $5800. Savi
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Based on the selling price of the car and the cost to work on it, Savion should sell the car now for $3,800.

<h3>Why should Savion sell the car?</h3><h3 />

The profit if he works on the car is:

= Selling price - Addtional work cost

= 5,800 - 2,400

= $3,400

The profit from selling the car is $3,800 which is more than the profit if additional work is done of $3,400.

The $4,000 is irrelevant as it is a sunk cost.

Find out more on sunk costs at brainly.com/question/13695005.

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7 0
2 years ago
During the month of July, the Scolari Corporation received $60,000 in cash investments from owners, paid $25,000 cash for suppli
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The ending balance in the cash account for the month of july is 25,000
3 0
3 years ago
According to Brynjolfsson and McAfee (2014), Tyler Cowen think that information and communication technology is not a general pu
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Answer:

False

Explanation:

According to these philosophers, these integrated systems have lowered the cost of the products and this lower cost has enabled companies to quote lower prices to win greater revenues from increased number of sales.

8 0
3 years ago
Which of the following statements is CORRECT? Select one: a. The capital structure that minimizes a firm's weighted average cost
Varvara68 [4.7K]

Answer:

b. The capital structure that minimizes the firm's weighted average cost of capital is also the capital structure that maximizes its earnings per share.

Explanation:

The optimal capital structure is estimated by calculating the mix of debt and equity that minimizes the weighted average cost of capital (WACC) while maximizing its market value. The lower the cost of capital, the greater the present value of the firm’s future cash flows, discounted by the WACC. Thus, the chief goal of any corporate finance department should be to find the optimal capital structure that will result in the lowest WACC and the maximum value of the company (shareholder wealth).

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3 years ago
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