Determine the type of credit is eligible for that benefit

Assignment Help Financial Accounting
Reference no: EM132489693

Question 1: Melanie paid $4000 for college tuition for her fourth and final year of college. She is 25 years old and had not been convicted of a felony for possessing or distributing a controlled substance at the end of 2018. Her AGI for 2018 is $28,000. Her filing status is single and her total tax is $1733. She does not have any other nonrefundable credits for the tax year. Determine the type of credit she is eligible for that benefits her the most and calculate the amount of credit.

Option a) American Opportunity Credit - $2500.

Option b) American Opportunity Credit - $1500

Option c) American Opportunity Credit - $1000

Option d) Lifetime Learning Credit - $800

Reference no: EM132489693

Questions Cloud

How much money would need in the bank today : How much money would we need in the bank today in order to pay for the second location without having to earn additional money?
How can average nurses be involved in the political process : How can average nurses be involved in the political process? What do you do or should do in order to become more politically active?
Discuss emerging trends and the drivers for upgrades : Discuss emerging trends and the drivers for upgrades amongst which there might be the need for alignment with revised governances typically over environmental
How educational risk management program address issues : How the facility's educational risk management program addresses key professional, legal, and ethical issues, such as prevention of negligence, malpractice.
Determine the type of credit is eligible for that benefit : nonrefundable credits for the tax year. Determine the type of credit she is eligible for that benefits her the most and calculate the amount of credit
Determine which of following true if baldwin makes plant : Which of the following is true if Baldwin makes plant improvements. The statement of cash flows for Baldwin Company shows what happens in the Cash account
Define important factor that causes caregiver role strain : What is the most important factor that causes caregiver role strain? What can be done to prevent or decrease caregiver role strain?
Calculate the gibbs free energy of the reaction in kj : Two ferredoxin molecules, carrying one electron each, transfer two electrons to NADP+, which picks up a proton and becomes NADPH.
What would you say to someone who says oil is cheap : What would you say to someone who says oil is cheap so why bother with wind energy or solar power? How does the burning of fossil fuels

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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