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ziro4ka [17]
2 years ago
12

Problem 9-41 (LO. 5)

Business
1 answer:
Lynna [10]2 years ago
6 0

Answer:

A. Tuition

$4,000

B. $8,665

Explanation:

a. Based on the information given the expenses, that might qualify as deductions for AGI which is fully known as ADJUSTED GROSS INCOME is TUITION.

Calculation to determine how much of these expenses might qualify as deductions for AG1

Based on the information given How much of these expenses might qualify as deductions for AGI (ADJUSTED GROSS INCOME) is $4,000 reason been that ADJUSTED GROSS INCOME limitation of section 222 did not exceed the amount of $65,000 for unmarried return as well as the amount of $130,000 for a joint return) which means that since Elijah spent the amount of $6,600 on his tuition, the section 222 deduction for Elijah ADJUSTED GROSS INCOME will be limited to the amount of $4,000

b. Calculation to determine How much of these expenses might qualify as deductions from AG1

Tuition $2,600

($6,600 − $4,000)

Add Books and course materials $1,500

Add Lodging $1,700

Add Meals $1,100

($2,200 × 50% cutback adjustment)

Add Laundry and dry cleaning $200

Add Campus parking $300

Add Auto mileage $1,265

(2,200 miles × $.575)

Total deduction from AGI $8,665

($2,600+$1,500+$1,700+$1,100+$200+$300+ $1,265)

Therefore How much of these expenses might qualify as deductions from AGI Assuming the amount from Part a is claimed will be $8,665

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If the money supply is​ $500 and nominal income is​ $3,000, the velocity of money is A. ​1/60. B. ​1/6. C. 6. D. 60.
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For computing the velocity of money, the following formula should be used which is shown below:

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