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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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Its B. or C. 
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3 years ago
The State of Chiapas, Mexico, decided to fund a program for literacy. The first cost of $250,000 now and an updated budget of $9
timama [110]

The perpetual equivalent annual cost is - $35013

<h3 /><h3>The perpetual annual cost calculation</h3>

interest i = 10%

Period = n = 7 years

Formula

A/F = i/(1+i)^n-1

= 0.1/(1+0.1)^7-1

= 0.1054

The perpetual annual cost

= -250000*0.1-95000(0.1054)

= -25000-10013

= - 35013

Therefore the perpetual equivalent annual cost is   $35013

8 0
2 years ago
The term ___________________ describes the proportion of deposits that the bankmust hold in the form of reserves that are not lo
antoniya [11.8K]

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reserve ratio

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3 0
3 years ago
An individual has utility function U(x)=x1/4U(x)=x1/4 for salary, and is considering new job offer which pays $80,000 with a bon
vladimir2022 [97]

Answer:

108,280.22

Explanation:

Certainty equivalent is solved by taking the inverse utility function from the expected utility of a random wealth variable

U(x) = x^1/4

U^-1(x) = x^4

U^-1(x) === x^4

CE(x) = x^4

Salary   Bonus   Total income   U(x)= x^(1/4)       P(x)        U(x)*P(x)

80000       0          80000               16.82                1/7             2.4

80000    10000     90000               17.32                1/7            2.47

80000    20000    100000              17.78                1/7            2.54

80000    30000    110000               18.21                 1/7            2.6

80000    40000    120000              18.61                 1/7            2.66

80000    50000    130000              18.99                1/7            2.71

80000    60000    140000              19.34                1/7             <u>2.76</u>

Sum                                                                                             <u>18.14</u>

CE(x) =  18.14^4

CE(x) = 108280.22

So therefore,  the certainty equivalent of this job offer is 108,280.22

5 0
3 years ago
First, find if a country's RGDP grows on average at 3% per year, how long will it take for this country to double its RGDP. If,
sasho [114]

Answer:

At the growth rate of 3% per year

Number of years taken to double the GDP = 23.33 years

The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate

Explanation:

According to the rule of 70

Number of years taken to double the GDP = 70 ÷ [ Growth rate ]

Thus,

At the growth rate of 3% per year

Number of years taken to double the GDP = 70 ÷ 3

= 23.33 years

Further

if the growth rate is 3.5% per year

Number of years taken to double the GDP = 70 ÷ 3.5

= 20 years

Hence,

The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate

6 0
3 years ago
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