Frank goes to Clemson University and pays $30,000 in tuition. He works and pays for his schooling. His AGI is $42,000. What is the amount of his American Opportunity Credit
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Frank goes to Clemson University and pays $30,000 in tuition. He works and pays for his schooling. His AGI is $42,000. What is the amount of his American Opportunity Credit
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- Joseph graduates from High School and enrolls in college in the Fall. Her parents pay $4,000 for his tuition and fees. Assuming his parents have AGI of $75,000 what is the American Opportunity tax credit they can claim for Joseph?Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents pay $12,000 for his tuition and fees. a. Assuming Austin’s parents have AGI of $73,000, what is the American Opportunity credit they can claim for John? Explain. b. Assuming Austin’s parents have AGI of $174,000, what is the American Opportunity credit they can claim for John? Explain.John, a single father, has AGI of $83,000 in 2021. During the year, he pays $4,000 in qualified tuition for his dependent son, who just started attending Small University. What is John’s American Opportunity tax credit for 2021? $0 $1,750 $2,250 $2,500 $4,000
- Will is a freshman at Florida State University where his tuition is $4,000. Sydney, his older sister, is a junior at the University of Georgia, where tuition is $25,000. What is the maximum tax credit Will and Sydney's parents can take? $2,000 $3,800 $3,650 $5,000Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees. a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $6,225 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $169,400, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $67,760, what is the American Opportunity tax credit they can claim for Janie?
- Fred currently earns $9,100 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,100 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $108,700. 1. If Fred's employer also provides him free housing abroad (cost of $20,100), how much of the $20,100 is excludable from Fred's income? 2. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year? 3. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income will Fred report next year if he accepts the permanent assignment abroad? Assume that Fred will be abroad for 305 days out of 365 days next year. 4. If Fred's…Sydney deals blackjack at the casino and earns $(Digits 5,6,4,3,1) in 2021 in her job. What is her FICA tax? What if Sidney were to make $165,000?Fred currently earns $10,700 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $13,700 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. c-2. If Fred's employer also provides him free housing abroad (cost of $20,850 next year), how much of the $20,850 is excludable from Fred's income? Assume that Fred will be abroad for 305 days out of 365 days next year. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
- In Australia: How to get the final tax for Kim Johnson for taxable income of $233,000. Assume he is a resident and do not have private health insurance. Kim also won a lottery of $5000 above this income?Leslie graduated with her bachelor's degree in Accounting. She works for a CPA firm that pays her tuition ($8,150 per year) for her so that she can receive her MBA. How much of the $8,150 tuition benefit does Leslie need to include in her income?Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $ 61,000 and reportable super contribution of $ 3,500. Jason also has a Study and Training Support loan (HELP-HECS) from undertaking a University degree. What is Jason's compulsory rate of repayment on this loan?