Question 1

Jermaine and Kesha are married,file a joint tax return,have AGI of $82,500,and have two children.Devona is beginning her freshman year at State University during Fall 2010,and Arethia is beginning her senior year at Northeast University during Fall 2010 after having completed her junior year during the spring of that year.Both Devona and Arethia are claimed as dependents on their parents' tax return.Devona's qualifying tuition expenses and fees total $4,000 for the fall semester,while Arethia's qualifying tuition expenses and fees total $6,200 for each semester during 2010.Full payment is made for the tuition and related expenses for both children during each semester.The American Opportunity credit available to Jermaine and Kesha for 2010 is:

Accepted Answer

A)  $2,500.
B)  $3,000.
C)  $5,000.
D)  $6,000.
E)  None of the above.F) A) and D)
G) B) and C)

Question 2

Explain the purpose of the tax credit for rehabilitation expenditures and describe the general characteristics of its computation.

Accepted Answer

The rehabilitation expenditures credit i...

Question 3

George and Martha are married and file a joint tax return claiming their two children,ages 10 and 8 as dependents.Assuming their AGI is $123,450,George and Martha's child tax credit is:

Accepted Answer

A)  $0.
B)  $750.
C)  $1,300.
D)  $2,000.
E)  None of the above.F) C) and D)
G) A) and E)

Question 4

In March 2010,Gray Corporation hired two individuals,both of whom were certified as long-term recipients of family assistance benefits.Each employee was paid $11,000 during 2010.Only one of the individuals continued to work for Gray Corporation in 2011,earning $9,000 during the year.No additional workers were hired in 2011.Gray Corporation's work opportunity tax credit amounts for 2010 and 2011 are:

Accepted Answer

A)  $4,000 in 2010,$4,000 in 2011.
B)  $8,000 in 2010,$4,500 in 2011.
C)  $8,000 in 2010,$5,000 in 2011.
D)  $8,000 in 2010,$9,000 in 2011.
E)  None of the above.F) A) and B)
G) A) and C)

Exam 12: Tax Credits and Payments

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Explain the purpose of the tax credit for rehabilitation expenditures and describe the general characteristics of its computation.

Correct Answer
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The rehabilitation expenditures credit i...
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George and Martha are married and file a joint tax return claiming their two children,ages 10 and 8 as dependents.Assuming their AGI is $123,450,George and Martha's child tax credit is:

Correct Answer
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Correct Answer
verified

Exam 12: Tax Credits and Payments

Correct AnswerverifiedShow Answer

Explain the purpose of the tax credit for rehabilitation expenditures and describe the general characteristics of its computation.

Correct AnswerverifiedThe rehabilitation expenditures credit i...View AnswerShow Answer

George and Martha are married and file a joint tax return claiming their two children,ages 10 and 8 as dependents.Assuming their AGI is $123,450,George and Martha's child tax credit is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
The rehabilitation expenditures credit i...
View Answer

Correct Answer
verified

Correct Answer
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