Question 47 of 50 -/2 Mark'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. Mark went to a highly ranked school, and tuition and fees were $15,500 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 Mark is filing his tax return. His total income and benefits are as follows: Wages $29,500 (as reported on his W-2) Employer-provided tuition assistance $4,990 Scholarship $2,130 Student loan proceeds $4.990 In addition to tultion, Mark had the following expenditures: Student loan interest $990 (as reported to Mark by his lender on Form 1098-E) Books $920 Rent $8,090 Federal income taxes withheld $4.000 (as reported on his W-2) A It is now time for Mark to complete his tax return. Mark is single and is 26 years old. What is Mark's filing status and standard deduction amount for the tax year? (Round answers to O decimal place, e.g. 5275.) Mark's filing status is and standard deduction amount is $ e Textbook and Media Question 47 of 50 - 12 Which of the following income items, and what amount, are reported on Mark's Form 1040 tax return? (Round answers to O decimal place, eg. 5275.) Inclusion/Exclusion Amount 1. Wages. 2. Employer-provided tuition assistance. 3. Scholarship $ $ $ $ 4. Student loan proceeds. What education tax credits is Mark eligible to claim? (Round answers to decimal place, 28. 5275.) Mark is eligible to claim e Textbook and Media For each of the following expenses, indicate whether Mark can claim a deduction and, if so, the amount of the deduction. (Round answers to decimal place, eg. 5275.) Deduction 1. Student loan interest paid. Amount of Deduction 2 Books $ 3. Rent Teh Calculate Mark's tax liability using Form 1040. Be sure to account for federal income taxes withheld. (Round answers to 2 decimal places, es. 52.75.) Mark's tax liability is $ e Textbook and Media Question 47 of 50 -/2 Mark'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. Mark went to a highly ranked school, and tuition and fees were $15,500 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 Mark is filing his tax return. His total income and benefits are as follows: Wages $29,500 (as reported on his W-2) Employer-provided tuition assistance $4,990 Scholarship $2,130 Student loan proceeds $4.990 In addition to tultion, Mark had the following expenditures: Student loan interest $990 (as reported to Mark by his lender on Form 1098-E) Books $920 Rent $8,090 Federal income taxes withheld $4.000 (as reported on his W-2) A It is now time for Mark to complete his tax return. Mark is single and is 26 years old. What is Mark's filing status and standard deduction amount for the tax year? (Round answers to O decimal place, e.g. 5275.) Mark's filing status is and standard deduction amount is $ e Textbook and Media Question 47 of 50 - 12 Which of the following income items, and what amount, are reported on Mark's Form 1040 tax return? (Round answers to O decimal place, eg. 5275.) Inclusion/Exclusion Amount 1. Wages. 2. Employer-provided tuition assistance. 3. Scholarship $ $ $ $ 4. Student loan proceeds. What education tax credits is Mark eligible to claim? (Round answers to decimal place, 28. 5275.) Mark is eligible to claim e Textbook and Media For each of the following expenses, indicate whether Mark can claim a deduction and, if so, the amount of the deduction. (Round answers to decimal place, eg. 5275.) Deduction 1. Student loan interest paid. Amount of Deduction 2 Books $ 3. Rent Teh Calculate Mark's tax liability using Form 1040. Be sure to account for federal income taxes withheld. (Round answers to 2 decimal places, es. 52.75.) Mark's tax liability is $ e Textbook and Media
