The loss of potential gain from other alternatives when one alternative is chosen.
The maximum AOTC that can be claimed by Andre’s parents is $2,500.
American Opportunity Tax Credit means a tax credit on education expenses which are incurred within first four years of a student’s higher education.
- The full tax credit is allowed when modified adjusted gross income is $160,000 or less.
- 100% of first $2000 spent on education expenses and 25% of next $2000 of qualifying education expenses.
Maximum AOTC = $ 2000 + (0.25 × $2000)
Maximum AOTC = $2000 + $ 500
Maximum AOTC = $2500
Therefore, the maximum AOTC that can be claimed by Andre’s parents is $2,500.
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In the united states, the average person mostly patronizes firms that operate in Monopolistic Competitive Market.
Monopolistic Competitive Market is a kind of market structure where numerous associations are accessible in an industry, and they produce relative yet isolated things.
None of the association participate in a partnership, and every association work unreservedly no matter what the engaging quality of various association. The market structure is a type of Imperfect Competition.
Imperfect Competition alludes to the circumstance where the characteristics of a market don't satisfy every one of the essential states of an entirely serious market and consequently, it cause market weaknesses when it ends up actually working, and bringing about market disappointment.
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Stockbrokers who still had profits on their books were afraid that their profits would disappear.
Stockbrokers who had losses were afraid that those losses might get larger.
Investors decided to get out of the market.
Up to an amount of $110,100 the employers can withhold the social security taxes on the first earnings of the employee.
The Social Security tax is calculated as a percentage of gross wages that most employees, employers, and self-employed people must pay to fund the federal program. The percentage is 6.2%There are certain groups of taxpayers who are exempt from paying social security tax. It is the obligation of the employer to withhold the correct amount of Social Security tax from every paycheck and forward it to the federal government on time.
The limit of the base of the wage is the maximum wage that's subject to the tax for that year. The Social Security tax is one of the taxes that all employers are required to withhold under the Federal Insurance Contributions Act (FICA). It is the responsibility of the employer to collect this amount and failure to collect can result in significant penalties.
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