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Ainat [17]
3 years ago
5

Alex paid $600 to Rita, his ex-wife, for child support. Under the terms of the divorce decree, Alex claims the dependency exempt

ion for his five-year-old son, William, who lived with Rita for the entire year. Alex has income from wages of $16,000, adjusted gross income of $18,000, and tax liability of $1,300 before the earned income credit. What is the amount of Alex's earned income credit?
Business
1 answer:
dsp733 years ago
7 0

Answer:

$0

Explanation:

Since Alex's child does not live with him for at least 6 months plus one day, he doesn't qualify for any income credit.

Alex himself cannot claim the earned income credit for an individual without a qualifying child because he is just 24 years old, and you must me at least 25 years old to qualify.

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When would you use a cashier's check ?
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Can someone buy me an iphone... i rlly need it (IT DOESNT MATTER WHICH KIND OF IPHONE !!!!!!!)
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The functional distribution of income shows the distribution of income among​ ______ and the personal distribution of income sho
lutik1710 [3]
<span>The functional distribution of income shows the distribution of income among factors of production and the personal distribution of income shows the distribution of income amonghouseholds. The function distribution is attributed to the company performance, so it does look in to resources and the all levels of staff where as the personal distribution is associated with a single individual who is concerning towards his household.</span>
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3 years ago
Jonah had $25 to spend. He
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Answer:

ignored  the concept of scarcity

7 0
3 years ago
Prescott Bank offers you a five-year loan for $55,000 at an annual interest rate of 7.25 percent. What will your annual loan pay
Studentka2010 [4]

Answer:

Annual loan payment = $13,146.78

Explanation:

<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.</em>

The monthly equal installment is calculated as follows:  

Monthly equal installment= Loan amount/Monthly annuity factor  

Monthly annuity factor  

=( 1-(1+r)^(-n))/r  

r- Monthly interest rate (r)  

= 7.25%/12= 0.604 %  

n- Number of months ( n) in 5 years  

= 12* 6 = 60  

Annuity factor  

= ( 1- (1.00604)^(-60)/0.00604= 50.2024

Monthly installment= 55,000 /50.2024 = $1,095.56

 Monthly installment = $1,095.56

Annual loan payment = monthly installment × 12

Annual loan payment =$1,095.56 ×12=13,146.78

Annual loan payment = $13,146.78

6 0
3 years ago
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