Janie graduates from high school in 2017 and enrolls in college in the fall. Her parents...

Janie graduates from high school in 2017 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,850 for her tuition and fees.

If required, round your computations to the nearest whole value.

a. Assuming Janie's parents have AGI of $167,800, what is the American Opportunity tax credit they can claim for Janie?
$

b. Assuming Janie's parents have AGI of $67,120, what is the American Opportunity tax credit they can claim for Janie?
$

Please show how to work the problem so I can understand how to work them myself. Thank you!

Solutions

Expert Solution

ekkarill92 answered 11 months ago

Next > < Previous

Related Solutions

Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents...

Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $14,350 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $170,600, what is the American Opportunity tax credit they can claim for Janie? $ b. Assuming Janie's parents have AGI of $68,240, what is the American Opportunity tax credit they can claim for Janie? $...

Janie graduates from highschool in 2019 and enrolls in college in the fall. Her parents (who...

Janie graduates from highschool in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $12,225 for her tuition and fees. Assuming Janie's parents have AGI of $172,600, what is the American Opportunity tax credit they can claim for Janie?

The article "College Graduates Break Even by Age 33" reported that 5.7% of high school graduates...

The article "College Graduates Break Even by Age 33" reported that 5.7% of high school graduates were unemployed in 2008 and 9.7% of high school graduates were unemployed in 2009.† Suppose that the reported percentages were based on independently selected representative samples of 300 high school graduates in each of these two years. (a)Construct a 99% confidence interval for the difference in the proportion of high school graduates who were unemployed in these two years. (Use p2008 − p2009. Round...

Suppose college graduates earn $20 an hour and high school graduates earn $10 an hour. Suppose...

Suppose college graduates earn $20 an hour and high school graduates earn $10 an hour. Suppose too that the marginal product of college graduates at Johnson Tools is 5 hammers per hour, while the marginal product of high school graduates is 4 hammers per hour (regardless of the number of each type of worker employed). a. What is the least-cost production method for producing 100 hammers in an eight-hour day? Hire one-third college graduates and two-thirds high school graduates. Hire...

Unemployment among high school graduates is quite high due to a recession. City Community College is...

Unemployment among high school graduates is quite high due to a recession. City Community College is considering a new program to help young people get the training they need to be more employable. The college has collaborated with the municipal hospital to build a nurse’s aide program, a 1-year program that would lead to immediate employment. Initial financial analysis indicates that the total fixed cost of the program will be $200,000, which includes the cost of a 1-year rental of...

Consider a high school student who is given $3 every school day by her parents as...

Consider a high school student who is given $3 every school day by her parents as “lunch money”. The student works a part time job after school, earning a small amount of “spending cash”. In addition to her lunch money, the student spends $5 from her own earnings each week on lunch. Suppose her parents reduced her lunch money by $2 per day but that she simultaneously receives a $10 per week raise at her job, requiring no extra effort...

Lisa wants to determine if graduates from her college earn different incomes compared to graduates from...

Lisa wants to determine if graduates from her college earn different incomes compared to graduates from college in general. To test this, Lisa sends surveys to 1,000 graduates from her school and finds that the average income is $40,000 ( s = 5,000). If the average income is $45,000 for graduates in general, do graduates from Lisa's school differ significantly? Report the results in APA style and be sure to include information about effect size.

A sociologist wishes to estimate the proportion of parents of college-bound high school students who have...

A sociologist wishes to estimate the proportion of parents of college-bound high school students who have not saved any money for college. What sample size would she need for the estimate to be correct within 6 percentage points with 95% conﬁdence (a) if she uses a similar study from 2015 that indicates that 32% of parents had saved no money for college? (b) if she does not use any prior estimates?

In 2017, Sheryl is claimed as a dependent on her parents’ tax return. Her parents’ ordinary...

In 2017, Sheryl is claimed as a dependent on her parents’ tax return. Her parents’ ordinary income marginal tax rate is 35 percent. Sheryl did not provide more than half her own support. What is Sheryl’s tax liability for the year in each of the following alternative circumstances? a) She received $7,000 from a part-time job. This was her only source of income. She is 16 years old at year-end. b) She received $7,000 of interest income from corporate bonds...

A group of high-school parents in Tucson, Arizona, in conjunction with faculty from the University of...

A group of high-school parents in Tucson, Arizona, in conjunction with faculty from the University of Arizona, claim that young women in the Tucson high schools not only are called on less frequently, but receive less time to interact with the instructor than do young men. They would like to see the school district hire a coordinator, spend money (and time) on faculty workshops, and offer young women classes on assertiveness and academic communication. To make things simple, assume that...

Subjects