Davids job is going great, and this past year he decided to work part-time so that he could go to school full-time for his masters degree. David went to a highly ranked school, and tuition and fees were $14,700 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer-provided tuition assistance, and student loans. It is the end of the year, and David is filing his tax return. His total income and benefits are as follows:

We have to use 2018 tax bracket numbers

David's job is going great, and this past year he decided to work part-time so that he could go to school full-time for his master's degree. David went to a highly ranked school, and tuition and fees were $14,700 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and David is filing his tax return. His total income and benefits are as follows: Wages Employer-provided tuition assistance Scholarship Student loan proceeds $28,400 (as reported on his W-2) $4,860 $2,090 $4,860 In addition to tuition, David had the following expenditures: Student loan interest Books Rent Federal income taxes withheld $1,170 (as reported to David by his lender on Form 1098-E) $930 $7,830 $4,000 (as reported on his W-2) It is now time for David to complete his tax return. David is single and is 26 years old. What is David's filing status and standard deduction amount for the tax year? (Round answers to 0 decimal place, e.g. 5275.) David's filing status is single and standard deduction amount is $ 12000 eTextbook and Media Which of the following income items, and what amount, are reported on David's Form 1040 tax return? (Round answers to O decimal place, e.g. 5275.) Inclusion/Exclusion Amount 1. Wages. included in gross income $ 28400 2. Employer-provided tuition assistance. excluded from gross income $ 4860 3. Scholarship. excluded from gross income $ 2090 4. Student loan proceeds. excluded from gross income V $ 4860 eTextbook and Media What education tax credits is David eligible to claim? (Round answers to 0 decimal place, e.g. 5275.) David is eligible to claim Lifetime Learning tax credit eTextbook and Media For each of the following expenses, indicate whether David can claim a deduction and, if so, the amount of the deduction. (Round answers to 0 decimal place, e.g. 5275.) Amount of Deduction Deduction can claim deduction 1. Student loan interest paid. 1170 $ $ 2 Books. can claim deduction 930 > 3. Rent. cannot claim deduction $ 7830 eTextbook and Media Calculate David's tax liability using Form 1040. Be sure to account for federal income taxes withheld. (Round answers to 2 decimal places, e.g. 52.75.) David's tax liability is $ 2474.5 eTextbook and Media of the amount over $0 If your taxable income is over $0 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 but not over $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 your tax is 10% $952.50 + 12% $4,453.50 + 22% $14,089.50 + 24% $32,089.50 + 32% $45,689.50 + 35% $150,689.50 + 37% $9,525 $38,700 $82,500 $157,500 $200,000 $500,000