The Free Application for Federal Student Aid (FAFSA<span>) is used to calculate the Expected Family Contribution (EFC), a somewhat harsh measure of the family's ability to pay for college. The EFC is the sum of a student contribution and a parent contribution.</span>
Answer:
- Income = $10,000
- Adjusted Gross Income (AGI) Deduction = $0
- Claim $10,000 as itemized deduction due to expenses
Explanation:
The activity being a hubby does not exempt it from tax so the $10,000 will be included as income for tax purposes and there will be no deduction for this from the AGI.
She can however, claim her expenses as itemized deductions. There is no tax on interest payment so expenses deducted are:
= 4,000 + 6,500 - 500
= $10,000
Answer:
$254,010
Explanation:
Calculation for the total shareholders' equity at the end of 2021
Issue of stock (10,700 × $5.90) $63,130
Issue of stock (20,600 × $8.80) $181,280
Net income $95,000
Less Dividends( $53,000)
Less Treasury stock (3,000 × $10.80) ($32,400)
Total shareholders' equity $254,010
Therefore the total shareholders' equity at the end of 2021 is $254,010
c. Sailors would be the correct answer
