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dalvyx [7]
3 years ago
8

Herman, who is not a dependent, states he wishes to claim EITC this year for his 35-year-old dependent child. Both reside in the

U.S. Herman states that the child lives with him, is not married, is disabled, and has not worked during the year. What should Herman's Tax Professional do to determine if the child can qualify Herman for EITC? Enter Herman's child on his return and identify him as a disabled qualifying child. Advise the client of the tax definition of disabled, and apply sound judgment and common sense to see if the definition is met. Ask for proof of the child's income. Explain to Herman that a 35-year-old child is too old to be a qualifying child for EITC
Business
1 answer:
guajiro [1.7K]3 years ago
5 0

Answer:

Herman's tax professional should "Advise the client of the tax definition of disabled, and apply sound judgment and common sense to see if the definition is met."

Explanation:

Earned Income Tax Credit (EITC) is a refundable tax credit that can be earned by low and middle income workers, especially those who have children.

According to EITC guidelines, a parent can claim EITC on behalf of a disabled child and there is no age limit for such a child to quality for EITC. However;

• The child must be totally and permanently disabled such that he cannot work or engage in any activity to earn income.

• A doctor's report has to be provided to confirm that the child is permanently disabled.

Herman's tax professional must therefore carefully explain these requirements to Herman, and also apply sound judgement and common sense to see if Herman's child meets the requirements.

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if the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year
scZoUnD [109]
A = $9.99, the amount needed after 1 year 
r = 0.018% = 0.00018, interest rate
n = 12, compoundings per year
t = 1, one year duration

Let P =  required balance at the beginning of the year.
Then
P(1+ \frac{r}{n} )^{nt} = A
P(1 + 0.00018/12)¹² = 9.99
1.00018P = 9.99
P = $9.988 ≈ $9.99

Answer: $9.99

7 0
3 years ago
Which of the following is the primary reason firms use competitive marketing​ intelligence? A. To assess and respond to a​ compe
Margarita [4]

Answer: Option B

Explanation: Competitive intelligence refers to the study of different factors of the business environment by the organisation for helping the senior management to make strategic decision making.

This study analyzes the factors that directly affects the organisation. The channel of distribution of the competitor can be used to understand their strategy for making their market. An organisation could use this information by improving their channel and gaining a competitive advantage.

Hence from the above we can conclude that the correct option is B

8 0
3 years ago
An economist would be more likely to argue against reducing inflation if she thought that a. the central bank lacked credibility
Fantom [35]

Answer:

b. the central bank lacked credibility and if bonds were usually indexed for inflation.

Explanation:

Economics can be classified into two (2) categories, namely;

1. Microeconomics can be defined as the study of the effect of price and quantity levels through interactions between individual buyers and sellers in various markets.

Hence, it is focuses on analyzing or evaluating the decisions of consumers (buyers) and those of firms (sellers) such as methods of production, pricing; and the manner in which government policies affect those decisions.

2. Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Hence, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.

Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.

Generally, inflation usually causes the value of money to fall and as a result, it imposes more cost on an economy.

When this persistent rise in the price of goods and services in an economy becomes rapid, excessive, unbearable and out of control over a period of time, it is generally referred to as hyperinflation.

In conclusion, an economist is more likely to argue against a reduction in inflation if she thought that the central bank lacked credibility and if bonds were usually indexed for inflation.

8 0
2 years ago
In March 2017, Amazon and Clorox reported nearly identical earnings per share, but the stock price of Amazon was more than six t
adoni [48]

Answer:

c. investors see better long-term prospects for Amazon

Explanation:

As we know that Amazon has the more customer base in the market due to which the shareholder predicted the expected profit in upcoming years. The company could run in long run. Even the ompany suffered huge losses due to discount provided but the investors are ready to invest in this company as they seen there is a better and long term prospects

Therefore according to the given situation, the option c is correct

3 0
2 years ago
Peter owns an auto dealership. Peter hires Cara as a receptionist, Ben as a salesperson, Stacy as a mechanic, and the "Clean as
drek231 [11]

Answer:

d. Emeralda from " Clean as a Whilte Co." runs over patty Pedestrain in the dealership's parking lot.

Explanation:

Liability is the degree to which a person is responsible for injury that happens to another party in a lawsuit. Peter owns an auto dealership. Peter hires Cara as a receptionist, Ben as a salesperson, Stacy as a mechanic, and "Clean as a Whistle Co." as cleaners.

Peter will be least liable if Emralda from "Clean as a Whistle Co." runs over Patty I'm the dealership's parking lot.

This is because Peter hired the company as a seperate entity from the cleaning company employees. The conduct of employees from the cleaning company is responsibility of "Clean as a Whistle Co."

8 0
3 years ago
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