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 new accountant at Windsor, Inc. is trying to identify which of the following amounts should be reported as the current asset "
seropon [69]

Answer:

The balance should Windsor report as its "Cash and cash equivalents" balance at April 30, 2017 is $19,410

Explanation:

The computation of the "Cash and cash equivalents" balance at April 30, 2017  is shown below:

= Currency amount + U.S treasury bill + check received in April month + checking account + saving account

= $70 + $11,100 + $300 + $2,730 + $5,210

= $19,410

The other given transactions would not be included because there is no outflow and inflow of cash for the April month. Hence, ignored it

5 0
3 years ago
Consider the topic of the "American Politics in Comparative Perspective" feature. How would Congress be different if it had only
matrenka [14]

Answer:

American feel their democracy is the best based on his uniqueness and authenticity with respect to political institution, parties and interest groups.

The house of congress will not be the same if there is only on single chamber for a common ground for discussion and the coming together of legislative in one chamber

In the legislative house, there consist of both the upper and lower houses, who makes laws and institutes the constitutional execution for the benefit of the nation.

Explanation:

American Politics in Comparative Perspective: American have the believe that their democracy is the best in terms of uniqueness and authenticity than other countries of the world. with this they feel they have put a tremendous amount of work for their democracy to be the best in the world. The people of America thinks in regarding the areas of political institution, culture, interest group, political parties it is unique.

In the Legislative house, there are two houses which are, the upper legislative house and the lower legislative house.

The Congress would not be the same if only there is a single chamber that will have a common ground  for discussion and the assembly of the legislative will be put in the single chamber only. the two l houses of legislation have a different methods to meet the compliance of the constitution. If the single chamber is available, then there will be an approach common for all the legislative processes and legislature will be taken away from the single chamber only.

Under an institutional configuration losers will be with the winners in the house and they will implement  the constitutional drives in the house and make sure the nation meets its constitutional implementation  for benefit of the nation

7 0
4 years ago
Hart Company has the following activities in 2012. The company had total cash sales of $2,000. During the year they incurred and
Irina18 [472]

Answer:

$500

Explanation:

              2012 Income Statement

Revenue                                            $2,000

<u>Expenses</u>

Wages incurred and paid  $500

Salaries                               $400

Interest on bank loans       <u>$600</u>    <u>$1,500</u>

Net Income                                       <u>$500  </u>

So, the amount of $500 will be shown as Net Income on the 2012 Income Statement.

6 0
3 years ago
You’ve just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business special
WINSTONCH [101]

Answer: just give what u know the business is small so it can’t manage

Explanation:

8 0
3 years ago
: In 2021, Garret Market remained fully open while conducting inventory, but in 2022 Garrett closed during inventory. In 2023, G
andreev551 [17]

Answer:

The answer is:

  • 2022 most accurate inventory
  • 2021 least accurate inventory

Explanation:

Garret Market uses a periodic inventory system (updates are made on a periodic basis) and in order to carry out this process correctly, the inventory should remain closed. Only in 2022 was the inventory closed, so it should be the most accurate. In 2021 the store remained fully opened and inventory was modified daily, so it should be the least accurate.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Define what import substitution industrialization (ISI) is. Explain, in detail, how ISI may help economic development and give e
    14·1 answer
  • Tammy Knowles is the publisher of "New Woman Magazine," which is a publication targeted to Gen Y women. Because it is a small, n
    5·1 answer
  • ‍You have just decided to add a new line to you manufacturing plant. Compute the expected loss/profit from the addition if you e
    7·1 answer
  • Karen bought a mixer. She received a warranty that covers only certain aspects of the product. If the product fails, she may be
    8·2 answers
  • 1. The level of prices and the value of money
    14·1 answer
  • Fore Farms reported a pretax operating loss of $120 million for financial reporting purposes in 2021. Contributing to the loss w
    12·1 answer
  • A fall in the price level: Multiple Choice reduces the value of money in peoples' pockets, so people buy less goods. reduces the
    14·1 answer
  • Which of the following is true for a constant growth stock whose market value is equal to its intrinsic value? a. The stock's ex
    11·1 answer
  • . Remember that Molly has a $2500 down payment saved for this purchase. The dealer will take the $500 Cash Allowance straight of
    13·1 answer
  • An account that earns intrest and is used to to meet financial goals is a
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!