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
avanturin [10]
3 years ago
7

DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada. Nicole is a so

phomore. DJ and Nicolette's AGI is $175,000. What is their maximum allowable American opportunity tax credit after the credit phase-out based on AGI is taken into account?
Business
1 answer:
aliina [53]3 years ago
7 0

Answer and Explanation:

As we know that the credit amount should be allowed a qualified deduction of 100% till $2,000 and the next 25% is $2,000

In the given situation, the credit amount would be

= $1,600 × 100%

= $1,600

As the AGI is $175,000 i.e. exceeded the prescribed amount i.e. $160,000 so it would be phased out till $180,000

So, after considering the phase out application limits, the credit is

= $1,600 ×  ($180,000 - $175,000) ÷ ($180,000 - $160,000)

= $400  

So, the total credit is $400 out of which $160 is refundable and the remaining balance i.e. $240 would be non-refundable

You might be interested in
Robert has taken up cycling as a hobby and as a way to maintain his physical fitness. He wants to buy a hydration system since h
LuckyWell [14K]

Answer: B

Robert is in the Evaluation of alternatives stage of the buyer decision process.

Explanation:

The  various stages  which consumers go through when they are considering a purchase are as follows:

Problem or need recognition  , Information search , Evaluation of alternatives , Purchase , Post-purchase behavior

Evaluation of alternatives is the third stage in the Consumer Buying Decision process.  In this stage, the consumers evaluate all their options based on the attributes  of the products  which  is capable of  delivering  the benefit/ satisfaction that the consumer intends to get. Comparing the products (i.e different brands of products that is capable of satisfying  the consumer needs),   shows the alternatives being considered by consumers during the problem-solving process.

Therefore Robert, trying to choose between  : Waterbags for Roadies, Supertanker Hydropacks, and Fast Water is in the stage of   Evaluation of alternatives stage. Therefore the answer is B

6 0
3 years ago
Susan bought a new sweater on sale for dollar 28.93.she was charged HST of 13%.find the total amount of her bill including taxes
Leya [2.2K]

Answer:

The answer is 32.69$.

Explanation:

The Sale price of sweater was $28.93, to add 13% HST we need to multiply 28.93 by 13 % & add 28.93 to it.

8 0
3 years ago
Which is true of output-choice models of oligopoly behavior?
brilliants [131]
B SHOULD BE THE CORRECT
8 0
3 years ago
West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-mon
viva [34]

Answer:

The answer is b.Cash ,000 Notes Payable ,000

Explanation:

The exact entry Drake Builders Company has to record in its accounting book for the proceeds received from the issuance of the note is:

1st January

Dr Cash                         400,000

Cr Note Payable          400,000

As at the time the note is issued, no interest expenses has been incurred, all the answer with Interest expenses can be eliminated.

In fact, interest expenses is only incurred and accrued during the lifetime of the note, based on the number of days the note is hold; that is, from the day the fund is lend out to Drake Builders Company; not on the day of issuance.

6 0
3 years ago
a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective int
Vitek1552 [10]

Answer:

$7,776,899

Explanation:

Calculation to determine what interest expense would it recognize in its 2021 income statement

Interest expense= $388,844,955 * 8% * (3 months/12 months)

Interest expense= $31,107,596.4 * 3/12

Interest expense= $7,776,899

Therefore the interest expense that would be recognize in its 2021 income statement is $7,776,899

7 0
3 years ago
Other questions:
  • Classical economics played an important role in helping the United States establish _________.
    6·1 answer
  • Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she doe
    13·1 answer
  • Concord Corporation had 2020 net income of $809,000. During 2020, Concord paid a dividend of $2 per share on 60,500 shares of pr
    8·1 answer
  • Sam is paying off his eight-year, $15,360 loan in semiannual installments. The loan has an interest rate of 9.58%, compounded se
    15·2 answers
  • Explain why the operating income is less than it was when the company was producing its optimal product mix. Operating income is
    10·1 answer
  • Define rent seeking. Rent seeking is attempting to transfer surplus from one group to another, for firms it usually involves: re
    8·1 answer
  • On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $21,060 in cash and merchandise invent
    11·1 answer
  • Annual maintenance cost for a particular section of highway pavement are $3,000.The placement of a new surface would reduce the
    12·1 answer
  • The EPA requires the use of precise forms called the
    6·1 answer
  • Management approval of sanlam​
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!