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ExtremeBDS [4]
3 years ago
11

Bob and Sally are married, file a joint tax return, report AGI of $120,000, and have two children. Del is beginning her freshman

year at State College during fall 2019, and Owen is beginning his senior year at Southwest University during fall 2019. Owen completed his junior year during the spring semester of 2018 (i.e., he took a "leave of absence" during the 2018-2019 school year). Both Del and Owen are claimed as dependents on their parents’ tax return.​Del’s qualifying tuition expenses and fees total $5,000 for the fall semester and Owen’s qualifying tuition expenses were $6,100 for the fall 2019 semester. Del’s room and board costs were $3,200 for the fall semester. Owen did not incur room and board costs because he lived with his aunt and uncle during the year.Full payment is made for the tuition and related expenses for both children at the beginning of each semester. In addition to the children’s college expenses, Bob also spent $3,000 on professional education seminars during the year in order to maintain his license as a practicing dentist. Bob attended the seminars during July and August 2019. Compute the available education tax credits for Bob and Sally for 2019.A. $3,100B. $5,000C. $5,480D. $5,600
Business
1 answer:
ch4aika [34]3 years ago
6 0

Answer:

B) $5,000

Explanation:

Bob and Sally can claim an American Opportunity (AO) credit for both of their children, Del and Owen.

Del's AO credit is $2,500 (100% of  the initial $2,000 qualifying expenses and 25% of the next $2,000 qualifying expenses).

Owen's AO credit is the same as Del's, $2,500.

The total American Opportunity credit claimed is $5,000 ($2,500 + $2,500)

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Answer:

c. $1,600

Explanation:

Using high low method we have

Highest cost = $75,000 for 29,000 hours in the month of February.

Lowest Cost = $52,200 for 20,000 hours in the month of January.

Variable Cost per unit = \frac{Change \: in \: cost}{Change \: in \: hours} = \frac{75,000 - 52,200}{29,000 - 20,000}  = $2.533

Or

$52,200 = 20,000 V + F

$75,000 = 29,000 V + F

$22,800 = 9,000 V

$2.53 = V

20,000 V = $50,600

$52,200 - $50,600 = $1,600

Fixed Cost = $1,600

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3 years ago
What is globalization?
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2 years ago
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Answer:

more hours

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Answer:

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<span>spending will increase:
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