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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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In a SWOT analysis, what are strengths?
guajiro [1.7K]

Answer:

A SWOT analysis is an evaluation of your company's strengths, weaknesses, opportunities, and threats.

Explanation:

https://emissary.edg.com ...

3 0
3 years ago
This a type of unemployment that always exists and are relatively stable over time, including seasonal, structural, and friction
Darya [45]

<u>Answer: </u>Natural unemployment

<u>Explanation:</u>

Natural unemployment always exists even in a healthy economy this is because the people keep changing their jobs and they even leave the current job in search of the new ones. Natural unemployment also includes other types of unemployment such as seasonal, structural and frictional unemployment types.

Also some people might possess skills that are not necessary in the labor market. The natural unemployment is still in the economy even when there is technological advancement, industry expansion. New labor forces enter into market every year and people search jobs for better opportunities.

6 0
3 years ago
Read 2 more answers
Suppose your expenses for this term are as​ follows: tuition:​ $28,000, room and​ board: $9,000, books and other educational​ su
astraxan [27]

Answer: Option C is correct

Explanation:

Opportunity cost or loss is the contribution lost due to the leaving one opportunity to exploit the other one. So in this case, the opportunity that I am going to exploit is going to college this term. So according to relevant costing the relevant cost is:

(a) Cash flow in nature.

(b) Future contract binding (future related)

(c) Incremental cost or differential cost

To find whether the cost is incremental cost or not we can find through the following method.

Step 1: Find the cash flow that is arising due to the decision?

Step 2: Find the cash flow arising if we don't take the decision?

Step 3: The difference of step 1 and 2 is differential or incremental cost.

All the inflows and outflows are cash flow in nature and future related. The only thing we have to find is that whether or not the cost is incremental or not.

For this Term:

                                                    Step 1              Step 2             Step 3

                                             Take Decision    If we Don't     Incremental

Salary loss (42-16)                    (26,000)                -                   (26,000)

Tuition cost                               (28,000)                -                   (28,000)

Room and Board                       (9,000)                 -                    (9,000)

Books and Edc. Supplies          (2,500)                 -                    <u>(2,500)</u>

TOTAL COSTS                                                                            <u>(65,500)</u>

<u></u>

<u>Kindly also review the following question for you better understanding</u>

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8 0
4 years ago
In the short-run aggregate demand and supply model, one important difference between monetary and fiscal policy is that monetary
zimovet [89]

Answer:

a. influences aggregate supply but fiscal policy influences aggregate demand.

Explanation:

Remember, when the term monetary policy is used it refers to policies that are focused on the interest rates as well as the inflation rate, which certainly affects the money supply specifically. However, the fiscal policy is usually channelled towards aggregate demand of the economy.

Thus, it is right to say that one important difference between monetary and fiscal policy is that monetary policy affects aggregate supply but fiscal policy influences aggregate demand.

8 0
3 years ago
On September 1, 2018, Drill Far Company purchased a tract of land for $2,300,000. The land is estimated to have a salvage value
kipiarov [429]

Answer:

$562,500

Explanation:

Depletion expenses = Land expenses

Depletion expenses = [$2,300,000 - $50,000 / 4]

Depletion expenses = $2,250,000 / 4

Depletion expenses = $562500

So, the depletion expense recorded for 2018 is $562,500

6 0
3 years ago
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