Answer:
Please find the detailed answer as follows:
Explanation:
a) The cost of obtaining an MBA degree for someone who is employed in a business position normally is a deductible education expense. But if the reason for taking course is to qualify her for a new trade or business then the expense will not be deductible or disallowed.
Reasons Deductible or Nondeductible
- It is to maintain or improve existing skills required in her present job. Deductible
- It is to meet the minimum educational standards for qualification in her existing job. Deductible
- It is to qualify her for a new trade or business. Nondeductible
.
- It is to meet the express requirements of her employer or the requirements imposed by law to retain her employment status. Deductible.
b) $4,000 will be allowed as deduction for qualified tuition under § 222. Except for this amount of tuition portion, Jamie must itemize to claim the deduction and it will also be subject to the 2% of AGI limitation.
Answer:
$11,947
Explanation:
The following expenses shall be allowed as qualified higher education expense to Jose for the purpose of his son Qualified tuition program
Tuition Fees $6,400
Room and board $4,775
Books $772
Total expenses to be allowed $11,947
Every month or so but I typically check every two weeks.
Answer:
b. $22.75
Explanation:
We know that
Contribution margin per unit= Sales price per unit - variable cost per unit
Since the selling price is $35
And, the contribution margin is 35%
Therefore, the contribution margin per unit would be
= $35 × 35 per cent
= $12.25
Now add these figures in the formula above.
Hence, the value would be equal to
= $35 - $12.25
= $22.75
The inventory and labor costs are included in the variable cost
