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jeka94
3 years ago
13

Henry, who is not a dependent, states he wishes to claim EITC this year for his 35-year-old dependent child. Both reside in the

U.S. Henry states that the child lives with Henry, is not married, is disabled, and has not worked during the year. What does Henry's tax preparer need to do to determine if the child can qualify Henry for EITC
Business
1 answer:
Evgen [1.6K]3 years ago
3 0

Answer:

in order for Henry's child to qualify as a dependent, the following requisites must be met:

  • since the child is disabled, there is no age limit, but he/she must live with Henry and Henry must pay for at least half of his/her expenses
  • the disability must be permanent and total (a letter from a doctor, social service worker, or social service agency that provides proof of this is required
  • the child must be Henry's son or daughter, or legally adopted child
  • Henry must have earned income (i.e. Henry must work)
  • Henry's investment income (besides earned income) must be less than $3,650 during the last year
  • Henry must file as single filer or head of household
  • Henry must not have received foreign income
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Answer:

The effect on net operating income would be an increase of $137,900

Explanation:

Giving the following information:

Selling price $85

Variable expenses per unit $ 35

If Price Paper spends an additional $12,100 on​ advertising, sales volume should increase by 3,000 units.

To calculate the effect on income, we need to determine the incremental total contribution, and deduct the incremental fixed costs:

Effect on income= 3,000*(85 - 35) - 12,100= $137,900

8 0
3 years ago
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b. Identity theft

Explanation:

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Frictional and structural unemployment can be alleviated by implementing a supply-side policy such as 19) A) * decreasing govern
balu736 [363]

Answer: the government giving tax breaks to companies locating in poor geographic areas.

Explanation:

4 0
2 years ago
Can an opinion be wrong? Isn’t everyone entitled to an opinion?
attashe74 [19]

Answer:

Yes

Explanation:

An opinion can indeed be wrong unless you based if of scientific facts and have evidence to back up your opinion. Everyone is indeed entitled to an opinion but not everyone listens to everyone’s opinion that is not backed up with facts.

3 0
1 year ago
The following labor standards have been established for a particular product:Standard labor-hours per unit of output 9.0hoursSta
harkovskaia [24]

Answer:

Direct labor rate variance= $69,579 unfavorable

Explanation:

Giving the following information:

Standard labor-hours per unit of output 9.0 hours

Standard labor rate= $15.10 per hour

Actual hours worked= 8,100 hours

Actual total labor cost= $191,880

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 191,880/8,100= $23.69 per hour

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Direct labor rate variance= $69,579 unfavorable

3 0
3 years ago
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