Hello my name is Pete. I posted my previous question in error by forgetting to mention that I am located in New York State and am required to go by those rules and regulations.

Erica Swanson (SSN 376-38-4930), age 46, is a single parent with three children:

Her biological son, Sean Swanson (age 19) is a part-time college student who works fulltime as a landscaper

Her biological daughter, Brooklyn Swanson (age 14)

Her adopted daughter, Sydney Swanson (age 12)

Although Erica receives child support from her ex-husband, she provides more than half of the support of all three children. Although her ex-husband does spend time with the children, Erica is their custodial parent; all three children have lived with Erica for the whole year. Erica works as an office manager. Her W-2 from 2018 shows the following information:

Gross wages: $39,500

Social security tax withheld: $2,449

Medicare tax withheld: $573

Federal income tax withheld: $3,950

State tax withheld: $819

401(k) contribution: $5,500

In addition, she accrued $950 of taxable interest during the year. In order to work, Erica has made arrangements for her neighbor, Robin Murphy, to watch the girls after school and during the summer. During the year, Erica paid Robin a total of $5,200 for child care expenses for the two girls (divided evenly). Sean took a couple of classes at the local community college during the year. Erica paid $1,200 for his tuition, fees, and books. His full-time work schedule prohibited him from attending at least half-time. Erica has satisfied the full-year coverage health insurance requirement under the ACA.

Which filing status should Erica use?

What is the amount of wages that Erica should report on Form 1040?

What is the amount of taxable interest that Erica should report on Form 1040?

What is the amount of Erica's AGI?

How many qualifying dependents does Erica have?

What is the amount of Erica's basic standard deduction?

What is the amount of Erica's additional standard deduction?

How much taxable income does Erica have?

What is Erica's tax liability?

Child and dependent care credit

1. A certain town has 25,000 families. The average number of children per family is 2.4 with an SD of 1.1 . Also, 20% of the families have no children at all. A random sample of 400 families from that town is drawn.

a) Find the expected value and the standard error for the percentage of families chosen without children?

b) Estimate the chance that somewhere between 17% and 19% of the sample families will have no children?

c) Find the expected value and the standard error for the average number of children per family in the sample

d) Estimate the chance that the average number of kids per family in the sample is greater than 2.5

Will an increase in an economy’s potential output, caused by supply-side policies, result in an increase in real output? (multiple choice)

a) According to the monetarist/neo-classical school an increase in potential output always results in an increase in real output, but according to the Keynesian school an increase in potential output only increases real output if the economy is already producing close to full capacity.

b) Yes, an increase in potential output always results in an increase in real output according to both the monetarist/neo-classical school and the Keynesian school.

c) According to the monetarist/neo-classical school an increase in potential output always results in an increase in real output, but according to the Keynesian school an increase in potential output never results in an increase in real output.

d) No, an increase in potential output does not result in an increase in real output according to both the monetarist/neo-classical school and the Keynesian school.

1. According to the U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics 1,026,000 high school seniors (rounded to the nearest thousand) took the ACT test as part of the college admissions process. The mean composite score was 21.1 with a standard deviation of 4.8. The ACT composite score ranges from 1 to 36, with higher scores indicating greater achievement in high school.

According to the central limit theorem, what are the mean and standard error of the distribution of sample means for a sample of 50 students?

a. 50 and 21.1

b. 21.1 and 4.8

c. 21.1 and 0.68

d. 21.1 and 0.10  

2. According to the U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics 1,026,000 high school seniors (rounded to the nearest thousand) took the ACT test as part of the college admissions process. The mean composite score was 21.1 with a standard deviation of 4.8. The ACT composite score ranges from 1 to 36, with higher scores indicating greater achievement in high school.

What is the z-score for a mean of 19.6 from a sample of 50 students from this population? Round your answer to two decimal places.

3. A sociology professor has created a new assessment of political awareness. In using the assessment, she has determined that political awareness is normally distributed in college students with a population mean of 35.3 and a population standard deviation of 8.6.

What is the z-score for a student who gets a 22 on this test?

4. A sociology professor has created a new assessment of political awareness. In using the assessment, she has determined that political awareness is normally distributed in college students with a population mean of 35.3 and a population standard deviation of 8.6.

Using the z-score found for the question above, what proportion of the population falls below a score of 22 on this test? Round your answer to four decimal places.

Kathy and Ralph have a 13-year-old daughter who dances ballet. Her dance teacher told her parents that she is a gifted dancer and would probability receive scholarship money when applying to schools of dance. Their daughter wants to attend a prestigious ballet school in London where each entering student receives a $20,000 scholarship towards the school’s $50,000 total 2-year tuition-room-and-board fees. Her parents have decided that if they start saving now, they can accumulate enough funds to pay the remaining fees for her two years at this school. Assuming the fees at the school remain constant from now until she enters and graduates, how much money would her parents need to save quarterly in order to accumulate the necessary amount by her 18th birthday (5 years) if they invest in a CD that earns 3.6% compounded quarterly?

1. In reference to the above, if her parents did not help her out with tuition and she had to borrow that same total amount of money not covered by her scholarship, how much would her monthly loan payments be if her student loan charged 7.2% compounded monthly for a six year loan?
2. Again, in reference to problem #1, her maternal grandparents have decided to help the young dance prodigy by saving $700 semiannually to provide money so she can have funds for flights back home to the US. If they do this for the next 5 years, how much will they have saved if they invest in an account earning 4% compounded semiannually?
3. Again, in reference to problem #1, her paternal grandparents also want to help. They open up a savings account with a $6000 deposit in order to provide our dancer with funds to buy new ballet shoes and new clothes for school. How much money can they accumulate in five years if the savings account earns 1.02% compounded semiannually?

Phoenix Airways Inc. is an airline company headquartered in Hong Kong. It was founded in 2010 and currently provides passenger and cargo services to more than 50 regional and international destinations. The passenger service is operated by Phoenix Airways under the brand name of “Phoenix” while the cargo service is provided by its wholly owned subsidiary, Phoenix Cargo. The airline operates a fleet consisting of Boeing 737, Airbus 320, Airbus A330, and Airbus A350 aircrafts. In September 2016, the airline launched a new passenger route between Hong Kong (HKG) and Los Angeles (LAX) in hopes of competing with the larger carriers in the market for long-haul flights. However, this route between Hong Kong (HKG) and Los Angeles (LAX) has continued to lose money to the point where the airline has been forced to consider whether to discontinue it. Required: Discuss factors that will affect the company’s decision to discontinue the HKG-LAX route, including quantitative and qualitative factors.

Nigeria has been a deeply troubled state ever since it achieved independence from Britain in 1960. Military dictatorships have been commonplace in the country, most recently in the 1990s. And yet in 2020, according to polling data, many Nigerians are optimistic about their country’s future and economic output is growing rapidly. Is such optimism warranted, or are you pessimistic about Nigeria’s future? What factors have caused the country such trouble during its 60years of independence?

China is one of the most popular investment destinations in the world. Throughout much of the 1990s, China accounted for 50% of foreign direct investment (FDI) going into developing countries and between 1994 and 1997, China was the second largest recipient of FDI in the world, after the United States. Do you think the recent corporate tax cuts in the U.S. and the changes in tariff rates in both countries could affect FDI in China? Why? How? What about the FDI in the U.S.?

China is one of the most popular investment destinations in the world. Throughout much of the 1990s, China accounted for 50% of foreign direct investment (FDI) going into developing countries and between 1994 and 1997, China was the second largest recipient of FDI in the world, after the United States. Do you think the recent corporate tax cuts in the U.S. and the changes in tariff rates in both countries could affect FDI in China? Why? How? What about the FDI in the U.S.?