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murzikaleks [220]
3 years ago
11

Marcus (20) attends State University and is a qualifying student for the purpose of the American Opportunity Tax Credit (AOTC).

His parents will claim him as a dependent on their jointly-filed 2020 return. Their adjusted gross income is $125,000, and they paid $14,000 for Marcus' tuition during the year. What is the maximum AOTC Marcus' parents may be eligible to receive
Business
1 answer:
hodyreva [135]3 years ago
8 0

The maximum AOTC that can be claimed by Andre’s parents is $2,500.

American Opportunity Tax Credit means a tax credit on education expenses which are incurred within first four years of a student’s higher education.

  • The full tax credit is allowed when modified adjusted gross income is $160,000 or less.

  • 100% of first $2000 spent on education expenses and 25% of next $2000 of qualifying education expenses.

Maximum AOTC = $ 2000 + (0.25 × $2000)

Maximum AOTC = $2000 + $ 500

Maximum AOTC = $2500

Therefore, the maximum AOTC that can be claimed by Andre’s parents is $2,500.

Read more about adjusted gross income

<em>brainly.com/question/2370788</em>

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Adding or deleting features and functions from an existing product platform is: Group of answer choices A high-end strategy. The
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b. The optional pricing strategy (O.P.)

More about optional pricing:

When a company uses optional product pricing, it sets a base product at a lower cost and additional, optional products at a higher price to make up for any losses. Optional products are not required for the base product to function, but they typically improve the customer experience.

The two key components of optional product pricing:

  • A base product is the main draw for the customer or the reason they are purchasing. It meets the needs of the customer and does not require the optional product to function.
  • A complimentary product(s): A product that a customer who purchased the base product is likely to purchase in order to improve their experience with the base product.

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4 0
2 years ago
Which of the following would an economist most likely classify as a need?. A.gasoline for a florist's delivery truck.. B. a coll
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Flourist gas truck answer
7 0
3 years ago
Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32. When the Company sol
zhuklara [117]

Answer:

a) FIFO

Explanation:

FIFO means first in, first out. It is an inventory system where the first purchased inventory is the first to be sold . The cost of goods sold is $30 which is equal to the price of the first purchased inventory . Therefore, the FIFO inventory system was used.

LIFO means last in, first out. It is an inventory system where the last purchased inventory is the first to be sold.

Weighted average is when the weighted price of inventory is used as the cost of goods sold.

I hope my answer helps you.

3 0
3 years ago
A $298 petty cash fund has cash of $32 and receipts of $247. The journal entry to replenish the account would include credit to
Nikolay [14]

The journal entry to replenish the petty cash account is credit to Cash for $266.

<h3>How would petty cash be replenished?</h3>

The amount that needs to be replenished is:

= Petty cash fund - cash

= 298 - 32

= $266

This amount needs to be taken from the cash account which is why the cash account will be credited with $266.

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7 0
2 years ago
On January 1, Enco Co. purchases a milling machine for $15,000. The machine is expected to last seven years and have a salvage v
Luda [366]

Answer:

$2,000

Explanation:

Depreciation: The depreciation is a non-cash expense that shows a decrements in the value of the fixed assets due to tear and wear, obsolesce, usage, time period, etc. It is shown on the debit side of the income statement.

The computation of the depreciation expense under the straight line method is shown below:

= (Original cost of milling machine - salvage value) ÷ (expected useful life)

= ($15,000 - $2,000) ÷ (7 years)

= ($14,000) ÷ (7 years)  

= $2,000

In this method, the depreciation is same for all the remaining useful life

6 0
3 years ago
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