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boyakko [2]
3 years ago
15

Roshan is a freshman at florida state university where his tuition is $4,000. shante, his older sister, is a graduate student at

expensive university, where tuition is $25,000. what is the maximum tax credit roshan and shante's parents can take
Business
1 answer:
MAVERICK [17]3 years ago
3 0
<span>The maximum deduction a person can take for tax credit for college tuition is $10,000 per qualified student., or the total amount of the tuition if under that amount. The maximum that could be taken for Roshan would be $4000 and for Shante $10,000 for a combined deduction of $14,000 for their parents.</span>
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Char and Russ Dasrup have one daughter,Siera.who is 16 years old.ln November of last year,the Dasrup's took in Siera's 16 year o
Naddik [55]

Answer:

A) One exemption for their daughter Siera as a qualifying child but no exemption for Angela.

Explanation:

The six IRS requirements for determining a qualifying child are:

  1. Relationship
  2. Age
  3. Residence
  4. Support
  5. Joint return
  6. Citizenship

The problem with Angela is that she fails number 1, which means that she has no legal relationship with the Dasrups. She would qualify for the remaining 5, but if only one is missing, then the IRS will not qualify Angela.

On the other hand, Siera qualifies because she meets all the requirements.  

3 0
3 years ago
Assume that you have already completed a 5-year international assignment working for KPMG as a Tax Consultant in Singapore.
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Based on the information, it can be deduced that it's an indication of the uncertainty that exists in the Vietnamese cultural model.

From the complete information, Vietnam has low points in the avoidance index. This implies that they're less associated with their cultural roots and don't have concern for hiring white people.

Some of the solutions that can be applied for training the workers include providing them with ethical and language-based training and also encourage a team culture.

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4 0
2 years ago
If there are 10 plants producing the total domestic consumption of a product and each plant is operating at minimum efficient sc
tatiyna

Answer:

The correct answer is B. If there are 10 plants producing the total domestic consumption of a product and each plant is operating at minimum efficient scale, then each plant accounts for 10 percent of domestic consumption.

Explanation:

It is understood that the total consumption of a product is 100% of it. Therefore, as long as there are 10 plants that, producing at a minimum efficiency scale on an equal basis, cover this total consumption, the percentage of consumption that each plant produces will be 10%.

This is so because 100/10 = 10, provided that it is considered that the production is carried out equitably between each of the production plants.

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3 years ago
What is the marginal income tax rate of a $5,000 raise for someone who currently makes $95,000 per year?
elena-14-01-66 [18.8K]

24% will be the tax bracket for her. The marginal tax rate is the tax rate you pay on every dollar of additional income. Individuals' federal marginal tax rate in the United States rises as their income rises. As one's income rises, the last dollar earned is taxed at a higher rate than the first.

This method of taxation, known as progressive taxation, aims to tax individuals based on their earnings, with low-income earners paying a lower rate than higher-income earners. Under a marginal tax rate, taxpayers are typically divided into tax brackets or ranges, which determine the rate applied to the tax filer's taxable income.

However, how much of an individual's income is taxed depends on more factors than just their marginal tax bracket. Instead, income taxes are calculated progressively, with a range of income levels subject to a certain rate for each bracket.


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5 0
2 years ago
Complete the statements about a career as an applied mathematician by correctly filling in the missing information. If you’re th
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Answer:

Mathematical literacy is the ability to analyze, reason, and communicate ideas effectively through posing, formulating, solving, and interpreting solutions to mathematical problems in a variety of situations.

The following clusters should be researched;

• Probability/Statistics

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The programs that emphasize mathematical reasoning, mathematical modeling and computation, abstraction from the particular, innovative application of mathematics, and development of new methodology.

Explanation:

4 0
3 years ago
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