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mel-nik [20]
3 years ago
5

Jeffery and Cassie, who are married with modified AGI of $90,000, are sending their son to his first year of college. Their tota

l tuition and related payments during 2019 amounted to $5,500. Theyhave not taken advantage of any other type of tax benefit related to educational expenses. Their American Opportunity Tax Credit for 2019 isA. $5,000.
B. $2,500.
C. $2,000.
D. $1,500.
Business
1 answer:
Nezavi [6.7K]3 years ago
3 0

Answer: B. $2,500

Explanation:

The American opportunity tax credit (AOTC) is a tax credit benefit for parents and Guardians to paying tuition on Qualified students.

A maximum of $2,500 in credit can be acquired per eligible student and to qualify for this maximum, a married couple filing together must have a Modified Adjusted Gross Income (MAGI) of less than $160,000.

With a modified AGI of $90,000, Jeffery and Cassie are below the threshold and qualify for the full figure.

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Assets are 300,000 and equity is 100,000, assets increase 80,000 liabilities increase 50,000. what is equity at year end?
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6 0
3 years ago
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Check:  5,269.04

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