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Sonbull [250]
3 years ago
7

DJ and Gwen paid $3,200 in qualifying expenses for their son, Nikko, who is a freshman attending the University of Colorado. DJ

and Gwen have AGI of $170,000 and file a joint return. What is their allowable American opportunity tax credit (AOTC) after the credit phaseout based on AGI is taken into account?
Business
2 answers:
navik [9.2K]3 years ago
4 0

Answer:

$1,150

Explanation:

$2,000+[(3,200-2,000) * .25]= $2,300 is their pre-limitation credit

But limited due to AGI as: $2,300 *($180,000 — 170,000/20,000) = $1,150.

MAXImum [283]3 years ago
3 0

Answer:

Explanation:

The American Opportunity Tax Credit (AOTC) refers to a tax credit for qualified education expenses for a student for the first four years of post-secondary education for American taxpayers.

The credit repays you 100% of the first $2,000 of qualified education expenses for each eligible student.

The credit also repays 25% of the next $2,000 of qualified education expenses ($500).

Since the total qualified education = $3200

= ($2,000 × 100/100) + [($3,200 − $2,000) × 0.25]

= $2000 + ($1200 × 25/100)

= $2300

Supposed credit = $2,300

The modified annual gross income, MAGI requirements for a married couple filing jointly is $160000 < x < $180000

Since Dj and gwen have AGI of $170000 and they file jointly, they get partial credit:

= $2,300 × 1/2

= $1,150.

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3 0
3 years ago
Which of the following strategies is illegal in the U.S. and many other countries?
Anna35 [415]
 It is penetration pricing that is illegal in the United States and many other countries<span>. So B is the correct answer</span>
4 0
3 years ago
Read 2 more answers
The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the perf
ipn [44]

Answer:

Revenue recognition principle.

Explanation:

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7 0
2 years ago
Match the term with what most needs to be clarified within the following examples.
leonid [27]

Intention is a mental state that represents a commitment to carrying out an action or actions in the future. Intention involves mental activities such as planning and forethought.

Definition  

Folk psychology explains human behavior on the basis of mental states, including beliefs, desires, and intentions. Mental mechanisms, including intention, explain behavior in that individuals are seen as actors who have desires and who attempt to achieve goals that are directed by beliefs. Thus, an intentional action is a function to accomplish a desired goal and is based on the belief that the course of action will satisfy a desire. Searle  labeled these as intention-in-action and prior intention respectively. Prior intentions reflect forethought about intentions-in-action; prior intentions do not need to be carried out to be considered intentions. Theory of mind research attempts to map how children come to understand the mind as a representational device for the world. This research has focused on the development of knowledge that others have beliefs, desires, and intentions that are different from one's own. A basic ability to comprehend other people's intentions based on their actions is critical to the development of theory of mind. Second, intentions are integral to an understanding of morality. Children learn to assign praise or blame based on whether actions of others are intentional. Intention is also necessary to understand and predict the plans and future actions of others. and the achievement of cooperative goals. Social, cognitive and developmental psychological research has focused on the question: How do young children develop the ability to understand other people's behaviors and int

5 0
3 years ago
On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc
Archy [21]

Answer:

The amount of loss should Jacob Inc. record on December 31, 2019 is $38,000

Explanation:

Truck Value =  $48,000

Annual depreciation =   ( $48,000 -   $8,000) / 8 = $40,000 / 8= $5,000

First year (2018) = $40,000 - $5,000 =  $35,000

Second year (2019) = $35,000 - $5,000 =  $30,000

Loss  = Truck Value (actual) + estimated residual value=  $30,000 + $8,000 = $38,000

6 0
3 years ago
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