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
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

You might be interested in
According to the following table, which of these factors affects your credit
Ludmilka [50]

Answer: New credit

Explanation:

8 0
2 years ago
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce onl
o-na [289]

Answer:

The correct answer is letter "A": Brazil only.

Explanation:

Comparative advantage is the ability of an organization or individual to produce at lower opportunity costs. This is achieved by introducing efficient productivity strategies or achieving economies of scale.

For the case given, the comparative advantage of Brazil and Chile is based on labor productivity only. Then:

  • <em>The comparative advantage of Chile on sugar</em> = \frac{2 units of sugar}{5 units of coffee} = 0.4
  • <em>The comparative advantage of Brazil on sugar </em>= \frac{1 unit of sugar}{2 units of coffee} = 0.5

Thus, <em>Brazil has a comparative advantage over Chile on sugar.</em>

4 0
2 years ago
O'Brien Inc. has the following data: rRF = 5.00%; RPM = 6.00%; and b = 1.10. What is the firm's cost of equity from retained ear
MrRa [10]

Answer:

11.3%

Explanation:

O'Brien has the following data

rRF= 5%

RPM= 6%

b= 1.10%

Therefore the cost of equity can be calculated as follows.

= 5% + 6%(1.05)

= 5% + 6.3

= 11.3%

Hence the cost of equity is 11.3%

7 0
3 years ago
Weekly Company gathered the following information for the year ended December​ 31:Direct labor cost incurred for the year$ 180 c
Mashcka [7]

Answer:

predetermined manufacturing overhead rate  $1.23

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

We will distribute the expected overhead cost along a cost driver.

In this case we are asked to use direct labor cost:

estimated overhead 270,300

estimated labor         219,800

overhead rate = 270,300 / 219,800 = 1,229754 = 1.23

7 0
3 years ago
Seal Polymer Industries (SPI) sold two freight containers of latex gloves to Med-Express, Inc., a company based in North Carolin
Naya [18.7K]

Answer:

Can SPI sue Med-Express in an Illinois court? Why or why not? Which statute (rule) applies here?

Yes, SPI can sue Med-Express in an Illinois court due to the minimum contacts doctrine. This is an actual court case that the North Carolina Court of Appeals ruled in favor of SPI. The minimum contacts rule states that in order for a business to be sued in another jurisdiction it must have maintained minimum contacts with residents of that state. Minimum contacts may include making business with individuals or companies that reside in the other state, visiting the other state or incorporating in the other state. In this case, Med-Express made business with SPI, and SPI is a resident of Illinois.

4 0
3 years ago
Other questions:
  • Our company can produce a product that incurs the following costs per unit: direct materials, $10; direct labor, $24, and overhe
    15·1 answer
  • The concept "efficiency" has quite different meanings for economists (money out/money in), biologists (energy out/energy in), an
    7·1 answer
  • In which of the following ways can a person earn an income? A. Investment B. Salary C. Savings D. Wage
    15·2 answers
  • Gammil companyhas beginning and ending raw materials inventories of $96000 and $120000, respectively. if direct materials used w
    9·1 answer
  • What is the principle of comparative cost advantage​
    12·1 answer
  • Job descriptions are a key prerequisite for any performance management system because
    14·1 answer
  • Using the supply and demand for loanable funds model, explain why the central bank may aggressively expand the monetary base.
    5·1 answer
  • Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts receivable = $20,000 What is t
    12·1 answer
  • NoMoreKidSongs Corp. paid a dividend last quarter of $6.18. It is expected to grow at 3% over the next year, 8%, the following y
    11·1 answer
  • Background information: In 2012, President Obama and Congress debated the issue of taxes and tax cuts.
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!