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?
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- Kim earned $30,000 from Pfizer before she was laid off. She then collected $7,000 of unemployment benefits. Finally, Kim received a $12,500 scholarship for tuition so she could return to college to earn a microbiology degree. How much does Kim need to report as income on her tax return?After grauating with a BBA in Accounting, Tina is considering going to college to get a Masters in Accounting. If she does not go to graduate school to get a Masters in Accounting, she will be eaming $115742 working at a public accounting firm, and spend $59222 on room and board. If she goes to college to get a Masters in Accounting, she will spend $44703 on tuition, $31797 on room and board, and $6432 on books. Tina just found out that if she decides to get a Masters in Accounting, she will have the opportunity to work as a TA and get paid $11604 while she is getting her Masters. What are Tina's opportunity costs of getting a Masters in Accounting?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
- Ginny is an accountant by trade, she paid $1,000 each year to join as CPAmember. She also has a knack for programming; hence she also joins theComputer Associates membership for $500 per year as she planned to find a newcareer as a programmer. Discuss her eligibility whether she can deduct bothmembership fees from her assessable income!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.Jacob's friend, Devan, wants to go to business school. While his father will share some of the expenses, Devan still needs to put in the rest on his own. But Devan has no money saved for it yet. According to his calculations, it will cost him $25,641 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $4,200 at the end of every year in a mutual fund, from which he expects to earn a fixed 10% rate years for Devan to save enough money to go to business school. of return. It will take approximately 4.25 years 6.25 years 5.00 years 6.75 years Dlavor
- Karen has been moonlighting as a life coach. This year she made over $65,000 and would like to not realize some of those earnings, maybe in a retirement account. However, she already contributes $6,000 to her qualified retirement plan at her regular employer. What can she do? A : She can contribute some of the $65,000 in a Keogh plan, if she stops participating in her employer’s plan. B : She can contribute some of the $65,000 in an employee stock ownership plan. C : She can contribute some of the $65,000 in a Keogh plan. D : She cannot do anything because she has a qualified retirement plan available at her employer.Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation and each earns a salary of $80,000 from the corporation; in addition, they expect their share of business profits to be $60,000 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits?Tom and Ashley have a daughter, Janice, who is 19-years-old and attending college as asophomore at a local public university. Her parents have the following expense with relations toher college: •$20,000 for annual college tuition •$500 in required fees for attending courses •$8,500 for room and board Using the above information, you have been asked to calculate their best option for an education deduction or tax credit. Tom and Ashley, make $115,000 per year. Among the three options for education tax benefit, show calculations for which one would be the best for them and what is the deduction/credit?
- Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.CASE STUDY: Silver is a senior high school student who is bound for college in the next school year. She plans to become a Certified Public Accountant (CPA) once she finishes her degree in accountancy. Silver receives a P500 weekly allowance from her parents that she can use to pay for her necessities in school. If there would be a need for additional resources, her parents are willing to provide for her. Silver makes it a point that she gets to save 20% of her weekly allowance. Aside from that, Silverworks during weekends in their family-owned grocery store. She works as a clerk during Saturdays and Sundays if time permits her. She receives a $150 per day allowance from her parents for her grocery store work. From today, it is only 14 weeks away from the start of the next school year. Silver would want to surprise her parents, by deciding to personally pay for her college textbooks, to reduce the financial burden of her parents. An older relative told Silver that $5,000 would be a…Michiko and Saul are planning to attend the same university next year. The university estimates tuition, books, fees, and living costs to be 12,000 per year. Michikos father has agreed to give her the 12,000 she needs to attend the university. Saul has obtained a job at the university that will pay him 14,000 per year. After discussing their respective arrangements, Michiko figures that Saul will be better off than she will. What, if anything, is wrong with Michikos thinking?