What amount of credit is she entitled to claim

Assignment Help Accounting Basics
Reference no: EM132713116

Question - Amy is single and works part-time at a local company. During the year, she paid $3,800 in tuition and fees to enroll in classes at the local community college. This was her second year attending college to work toward her bachelor's degree. She purchased her course materials from a friend for $300. She has not been convicted of a felony for possessing or distributing a controlled substance at the end of 2019. Her modified adjusted gross income (MAGI) is $38,000. Assuming she otherwise qualifies, which education credit best benefits Amy and what amount of credit is she entitled to claim?

a. American Opportunity Credit: $2,500

b. Lifetime Learning Credit: $760

c. American Opportunity Credit: $2,450

d. Lifetime Learning Credit: $820

Reference no: EM132713116

Questions Cloud

Compute service revenue and operating expenses : Kelly SpA had cash receipts from customers in 2022 of €192,000. Compute service revenue and operating expenses
What is the average speed : What is the average speed, in km/hr for a train that travels 22 km in exactly 15 minutes?
Create a detailed account on a unique interview : Create a Detailed Account on a unique interview session that you are going watch via YouTube - The Detailed Account must be typed on Ms Word with the page size
Determine the height of the water tank : If their water pressure is supplied by a water tank and their shower is at ground level, determine the height of the water tank such that the velocity
What amount of credit is she entitled to claim : Assuming she otherwise qualifies, which education credit best benefits Amy and what amount of credit is she entitled to claim
Identify the law of motion : Identify the law of motion that is illustrated by the following:
What is maximum amount of qualified expenses john can use : John's earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit
Draw a free-body diagram and quantitatively : Find or develop a question in which you are required to draw a free-body diagram and quantitatively determine the net force. Fully solve the question.
Microservices case study : Summarise any findings or recommendations that the report puts forward regarding the concepts covered in the report - What the reader can expect

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the value of firms ending wip

Supplemental information shows raw materials purchases of $60,000, raw materials used in production of $90,000, direct labor of $107,000, and manufacturing overhead of $113,000. You also know that the company's ending work in process was 40% of it..

  Prepare the business income statement for the period

Prepare the business Income Statement for the period.    Prepare the business Statement of Changes in Equity for the period, Prepare afully classified Balance Sheet at the end of the period.

  What is the balance in estimated warranty payable

Journalize required transactions, if any, in Landing's general journal. Explanations are not required. What is the balance in Estimated Warranty Payable.

  Clemente co owned all of the voting common stock of snider

clemente co. owned all of the voting common stock of snider co. on january 2 2011 clemente sold some equipment to

  Find how the transactions will be measured

Determine how the transactions will be measured.Boil's functional currency is sterling and the New Zealand companies' functional currency is NZ$.

  Ken elects to use the foreign-earned income exclusion

Ken resided in Ireland from July 1, 2011, through June 30, 2012, visiting relatives. While he was there he earned $35,000 working in his cousin's pub.

  Prepare an adjusted trial balance for pi detectives

The adjusted trial balance for PI Detectives reported the following account balances: Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance.

  The ship owners never know beforehand how successful a

the ship owners never know beforehand how successful a voyage will be. letu2019s suppose that the barrels of oil from a

  Compute the amount of raw materials used during august

Compute the amount of raw materials used during August if $30,000 of raw materials were purchased during the month and the inventories were as follows.

  Problem regarding the estate planning

Explain the key benefits of estate planning. Provide at least one (1) scenario to show the impact that improper estate planning can have on family members.

  Calculate margin of safety in units and value

An increase in sales would result in an increase of direct labour cost per unit by 10%. Calculate margin of safety in units and value for 2018

  Expenditures-expenses used in governmental accounting

What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

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