Can dependency exemption be applied in ashley situation

Assignment Help Accounting Basics
Reference no: EM13155074

Ashley is 17 years old and is about to move into South University's freshman dorms. She gets a bill from the college stating she owes money on her dorm bill, and this bill must be paid before she moves in. She contacts her divorced parents, but they can't decide who will pay the bill. She decides to apply for financial aid. After reviewing her application, the financial aid advisor suggests she declare herself independent from her parents. She comes to you for advice.

Can a dependency exemption be applied in Ashley's situation? Why? What are the consequences of her alternatives relative to her filing status and support consideration?

If Ashley worked in the school library, under what circumstances would she have to file a tax return?

Reference no: EM13155074

Questions Cloud

Compute total enthalpy change in the first stage : Calculate total enthalpy change in the first stage and in both stages.
Current liability and long-term liability : At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 10% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2011. What is the dollar amount that is to be report..
Explain what is the name of the compound : What is the name of the compound (NH4)3PO3? Why is special about this compound? Choose one answer. a. Ammonium phosphate; this covalent compound is made up of two polyatomic ions, ammonium and phosphate.
Difference between exchange and nonexchange transactions : Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
Can dependency exemption be applied in ashley situation : Can a dependency exemption be applied in Ashley's situation? Why? What are the consequences of her alternatives relative to her filing status and support consideration?
Mole fraction and percentage of sulfuric acid by mass : The sulfuric acid in a car battery has a density of 1.225 g/cm3 and is 3.75 M. What is the molality, mole fraction, and percentage of sulfuric acid by mass in this solution?
Explain why the total profit is still likely to lower : Explain why the total profit (from all sales) is still likely to lower with this pricing scheme than with perfect price descrimination despite fixed fee equal to the entire consumer surplus of a typical customer.
Determine the cost function for manchester : Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000. Using only these two data points, determine the cost function for Manchester.
Stockholders equity accounts problem : However, a building (with a nine year remaining life) in Brey's accounting records was undervalued by 18,000. Pitino assigned the rest of the excess fair value over book value to Brey's patended technology (Six year remaining life).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accumulated depreciation account

Do you think it is necessary to use an accumulated depreciation account instead of just adjusting the asset account directly?

  Find an article of pertinence to either current tax issues

Find an article of pertinence to either current tax issues, policies, or laws, and post a link to that article in a discussion thread. Summarize the article you chose to begin the discussion.

  What were miller retained earnings

On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, ..

  Reissuance of treasury shares

Gaines share. During the current year, 1,000 of these shares were reacquired for $20 each. 500 treasury shares are subsequently reissued at $25 per share.

  Determining effective interest method of amortization

Which of the following is correct about the effective interest method of amortization?

  Theory of commercial impracticability

May return the computers and avoid paying for them because the contract was void under the theory of commercial impracticability.

  Missing closing entry

Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010 cash dividends of $60,000 were paid and a stock dividend of $40,000 was issued.

  Pros and cons of implementing ifrs in us

Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.

  Reclassification adjustment affects other comprehensive

If an available-for-sale investment is sold for which there are unrealized gains in accumulated other comprehensive income (AOCI), a reclassification adjustment affects other comprehensive income (OCI) in the period of sale by

  Total cost to be debited to investment account

If the bonds bear interest at 12%, which is paid semiannually on January 1 and July 1, what is the total cost to be debited to the investment account?

  Interest rate compounded annually problem

You want to buy a new car 5 years from now for N$300 000. Assuming a 6% interest rate compounded annually, how much should you invest today to yield N$300,000 in 5 years?

  Sale of obsolete inventory at cost

The increase in ROI was attributed to a reduction in operating assets brought about by the sale of obsolete inventory at cost (the proceeds from the sale were used to reduce bank loans). By how much was inventory reduced?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd