1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
labwork [276]
3 years ago
6

Brady recently graduated from SUNY–New Paltz with his bachelor’s degree. He works for Makarov & Company CPAs. The firm pays

his tuition ($10,000 per year) for him so that he can receive his Master of Science in Taxation, which will qualify him to sit for the CPA exam. How much of the $10,000 tuition benefit does Brady need to include in gross income?
Business
2 answers:
klemol [59]3 years ago
4 0

Answer:$4,750

Explanation:

Taxable amount is given as  = Tuition benefits - Excludable amount

where,

Tuition fees benefits by company  = $10,000

Employer Tuition Assistance = $5,250 exclusion from income per student Tuition for oneself  (Employee) based on  graduate or doctoral classes  taxed on the dollar amount over and above the first $5,250.00 of tuition benefits paid per calendar year.  (source https://www.irs.gov/newsroom/tax-benefits-for-education-information-center)

therefore, Taxable amount = $10000-$5250

Taxable amount = $ 4750

Brady need to include$ 4750 in gross income.

GalinKa [24]3 years ago
4 0

Answer:

Mr. Brady can embrace $4,750 as Education Benefits

Explanation:

As per the Section 127(a)(2), any taxpayer can eliminate up to $5.250 of education aids from his/her yearly revenue.

Taxable amount = Education aids - Excludable expanse

Taxable amount = $10,000 - $5,250

Taxable amount = $4,750

Therefore, Mr. Brady can embrace $4,750 from his revenue as education benefits.

You might be interested in
A customer got serious food poisoning from Chix Now restaurant on April 30, 20x2, necessitating a trip to the emergency room. On
vodka [1.7K]

Answer:

Yes the company must recognise the effects of this ruling.

Explanation:

As provided the law suit was initiated in the year 20x2, because of the activity happened in April 20x2.

Accordingly, company was already prepared for a liability of $100,000.

Whenever an event that occurs after the balance sheet is a mere confirmation to what was expected on balance sheet date, or is in alignment with things on record on the balance sheet date, it shall be provided in the balance sheet of that year.

In the given case the law suit was pending on the balance sheet date and was recorded as a liability then, now after the declaration by the judge, the additional liability of $20,000 shall be provided in the financial books of year 20x2.

7 0
3 years ago
Anyone there PLAESe responed
Eva8 [605]

Answer:

I'm on here most of the time.

Explanation:

If you'd like, I'll try to answer all of your questions! Just give me the word. :)

8 0
3 years ago
Scarlet Corporation, the parent corporation, has a basis of $600,000 in the stock of Brown Corporation, a subsidiary in which Sc
Anon25 [30]

Answer:

$950,000

Explanation:

As per IRS section 332, in the case when the parent company received a property when the complete liquidation of subsidiary company is done so the receipts of such property would not recorded either any loss or gain. Also the basis of the parent company assets would be carry over basis.

So here the basis would be $950,000

The same is to be considered

3 0
3 years ago
Suppose the price of Twinkies decreases from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from 2
valentinak56 [21]
It’s b 1.55
And plus it increases too
5 0
2 years ago
Read 2 more answers
Barb's Bakery made $200 last month selling 100 loaves of bread. This month it made $300 selling 60 loaves of bread. What is the
Virty [35]
The answer will be 150 dollars
5 0
3 years ago
Other questions:
  • Let’s suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold the product
    13·1 answer
  • "Chang is the art director at Idlewild Graphic Design. The firm recently acquired a new client, Palomino Film Productions. They
    12·1 answer
  • Suppose Caroline is choosing how to allocate her portfolio between two asset classes: risk-free government bonds and a risky gro
    15·1 answer
  • The strength of the economy depends on the balance of production and consumption of goods and services true or false
    8·2 answers
  • A stock is currently selling for $75 per share. You could purchase a call with a strike price of $73 for $4. You could purchase
    15·1 answer
  • Plush Corporation purchased 100 percent of Common Corporation’s common stock on January 1, 20X3, and paid $450,000. The fair val
    11·1 answer
  • A national restaurant chain has just opened a sit-down location at Chicago’s O’Hare International Airport. Next to the sit-down
    7·1 answer
  • Transactions for the Swifty Company, which provides welding services, for the month of June are presented below. June 1Swifty in
    9·1 answer
  • Whcih situation represent internal
    7·1 answer
  • Name two kind of businesses that you could start in the fashion industry and explain what skills you would need to start them.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!