How much income do kristi and van need to report

Assignment Help Accounting Basics
Reference no: EM132576590

Question - Kristi and Van adopted a two-year old child this year. They incurred $9,500 of qualified adoption expenses related to the adoption. Van's employer, GH Industries, maintains an adoption assistance program and reimbursed Van $7,000 for these costs. Kristi and Van's adjusted gross income for the year is $52,000. How much income do Kristi and Van need to report on their federal income tax return?

a. $0

b. $3,500

c. $7,000

d. $9,500

Reference no: EM132576590

Questions Cloud

Describe the mitigation strategy : In milestone 3 you are building upon your first two milestones and describe the mitigation strategy, results, etc. on the organization.
Compute present value of the bids : Compute present value of the bids. You may assume that the cost of capital is 9%, that the annual maintenance expenditures are incurred
Calculate the selling price for job : Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round your intermediate calculations)
What is jeremy tax refund or tax due : Jeremy earned $102,400 in salary, Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due?
How much income do kristi and van need to report : Kristi and Van's adjusted gross income for the year is $52,000. How much income do Kristi and Van need to report on their federal income tax
Should the company make or buy the engines : Should the company make or buy the engines? what other factors should be considered when making this decision and does the factors support the decision
Compute the present value of lease vs purchase : Sunland Inc. owns and operates a number of hardware stores in the New England region. Compute the present value of lease vs purchase
Bitcoins as standard form of currency : Explain why some businesses are accepting and other businesses are rejecting the use of Bitcoins as a standard form of currency.
Determine the per-unit customer costs for combined shipping : Determine the per-unit customer costs for combined shipping and returns of Product 1. Sebastian Company manufactures and sells sportswear products.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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