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stealth61 [152]
3 years ago
7

Allison has returned to school after five years out of the work force. She is taking one course at the local university for a co

st of $1,500. To maximize her taxes, should she take a tuition and fees deduction or an education credit? (Assume a 15 percent tax rate.)
Business
1 answer:
Charra [1.4K]3 years ago
8 0

Answer:

Allison can maximize her tax benefits by taking the Lifetime Learning Credit which results in a $300 tax credit.

Explanation:

Education credit:

Allison doesn't qualify for the American Opportunity Tax Credit (AOTC) since that only covers the first four years of college and even if she never attended college before, she would need to be enrolled at least half time.

She qualifies for the Lifetime Learning Credit (LLC) but it only covers 20% of the first $10,000 of expenses, in this case = $1,500 x 20% = $300 benefit

Tuition and fees deduction:

Allison can deduct $1,500 from her gross income = $1,500 x 15% tax rate = $225 benefit

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4 0
1 year ago
Hollandaise sauce contains mostly
grin007 [14]
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4 0
3 years ago
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Using the weighted-average method, the equivalent units for materials are: 33,000. 41,000. 36,000. 44,000. 32,000.
ANEK [815]

Answer: $44,000

Explanation:

Equivalent units for materials in this scenario would be:

= Units completed and transferred out + Normal spoilage + Ending work in process

= 33,000 + 3,000 + 8,000

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3 0
3 years ago
Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated
sertanlavr [38]

Answer: (a) Materials = $2 and Labor = $2.8

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Explanation:

(a) Standard cost :

Standard cost is evaluated as a per unit amount.

For Materials,

=  \frac{1194000}{597000}

= $2

For Labor,

=  \frac{1671600}{597000}

= $2.8

(a) Budgeted cost :

Budget cost are evaluated as the total amount.

Therefore, for this year the budgeted cost are Materials = $11,94,000 and Labor = $16,71,600

5 0
3 years ago
A firm has a Cobb-Douglas production function for its inputs of capital and labor. The firm is currently paying $4 per labor hou
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Answer:

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Explanation:

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