Janie graduates from high school in 2015 and enrolls in college in the fall. Her parents pay

Question:

Janie graduates from high school in 2015 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees.

a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?

b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

See More Books

Question Posted: Sep 11, 2016 11:40 AM

See More Questions

Janie graduates from high school in 2016 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American...
Janie graduates from high school in 2018 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janies parents have AGI of $170,000, what is the American...
Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janies parents have AGI of $170,000, what is the American...
Name the following compounds, and indicate whether each is a reducing sugar or a nonreducing sugar: a. b. c. d. CH,OH HO OCH2CH2CH3 OH HO CH2OH OCH3 - HOCH OCH2CH3 CH OH OH OH
What is the main purpose of total quality management?
A company sold a delivery truck for $3200 that had originally cost $40000, and had a book value of $4000. Which of the following is the correct reporting of the respective amounts? O $3200 as an...
US IN G A RE AL E STATE B RO E R. Describe the ways in which a real estate broker represents buyers versus sellers. Whats a typical real estate commission? lo1
Beasley Company makes three types of exercise machines. Data have been accumulated for four possible overhead drivers. Data for these four possible drivers are shown in rows 3 to 7 of the following...
Maroon Two Inc acaba de emitir 10 000 bonos con cupn con valor nominal de $1 000, tasa de cupn del 9 %, pago de cupn semestral y vencimiento a 10 aos. Cul es el precio de cada bono con cupn si el...
The man attempts to pull the log at C by using the three ropes. Determines the direction θ in which he should pull on his rope with a force P, so that he exerts a maximum force on the log. What...
How does the earned income credit produce a "negative" income tax?
List the 7 rules that all taxpayers must meet in order to claim the EIC?
In Problems 1 and 2, determine whether the indicated sequence can be the first three terms of an arithmetic or geometric sequence, and, if so, find the common difference or common ratio and the next...
Analysis of workforce data, performance, and engagement. Datasets: Employees Table Column Name Data Type Description employee_id Integer Unique identifier for each employee department_id Integer...
Discuss your observations of the Data Wrangling process. Does this exercise highlight why data wrangling and preparation can take up 60-70% of the total data analysis process? it does. How do i say...
Examine potential implications od regulations, legislation and standards upon decision making in a hospitality organisation, providing specific examples
54. .. A baton twirler in a marching band complains that her baton is defective (Figure 9-48). The manufacturer specifies that the baton should have an overall length of L = 60.0cm and a total mass...
New United Motor Manufacturing, Inc. was an American automobile manufacturing company in Fremont, California , jointly owned by General Motors and Toyota that opened in 1 9 8 4 and closed in 2 0 1 0...
In Exercises 3338, calculate the derivative by expanding or simplifying the function. (x) = (2 x)(2 + x)
5. Convert the following ERD to a relational model. SEATING RTABLE Seating ID Nbr of Guests Start TimeDate End TimeDate RTable Nbr RTable Nbr of Seats RTable Rating Uses EMPLOYEE Employee ID Emp...
What is the total dollar amount of personal and dependency exemptions which a married couple with one child and $80,000 of adjusted gross income would claim in 2016?
Leslie is a single taxpayer who is under age 65 and in good health. For 2016, she has a salary of $24,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return. a....
In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held...
On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a...
Give a numerical example of: A) Current liabilities. B) Long-term liabilities?
Question Wonder Works Pte Ltd ( ' WW ' ) produces ceramic hair curlers to sell to department stores. The production equipment costs WW $ 7 0 , 0 0 0 four years ago. Currently, the net book value...

Janie graduates from high school in 2015 and enrolls in college in the fall. Her parents pay

Question:

Step by Step Answer:

a 1250 Janies American Opportunity credit before any phaseout will be 100 of the first 2...View the full answer

Income Tax Fundamentals 2016

Students also viewed these Accounting questions