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11. Lanakila has been teaching in a rural public school for five years. For service in a high-needs area, Lanakila's student loans, in the amount of $15,000, are forgiven. Lanakila must include the $15,000 as part of gross income.
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- Kelly receives a $40,000 scholarship to Ivy University. She uses $30,000 on tuition and books, $5,000 for a used car, and $5,000 for rent while at school. Kelly will recognize _____ gross income. $0 $5,000 $10,000 $30,000 $40,0006. Leslie who is single, finished graduate school this year and began repaying her student loan. The proceeds of the loan were used to pay her qualified higher education expenses. She has not received any type of educational assistance or scholarships. The amount of interest paid during the year amounted to $3,800. What is the amount and classification of her student loan interest education deduction if her modified AGI is $20,000.Albert established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $20,000 when the children were five years old. Albert made no further contributions to his children's plans. Thirteen years later, both children have graduated from high school. Kim's fund has accumulated to $45,000, and Jim's has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to go to work instead of going to college. During the current year, $7,500 is used from Kim's plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Albert withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school. Question Content Area a. During the period since the plans were established, should Albert or the twins have been including the annual plan earnings in gross income?…
- 1. Nicole is a student at USB Law School; she receives a $52,000 scholarship. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole? a.$52,000 b.$5,000 c.$7,000 d.$45,000 e.$47,000 2. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books$4,000 scholarship from the Elks Lodge for tuition$5,000 worth of room and board as a dorm supervisor through a work-study programHow much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000 3. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as…Nora invested $8,000 in a qualified tuition program for the benefit of her son. Four years later her son, Michael withdrew $10,000, the entire balance in the program, to pay his college tuition. How much must Nora and/or Michael include in gross income? Nora: $0 Michael: $0 Nora: $2,000 Michael: $0 Nora: $0 Michael: $2,000 Nora: $2,000 Michael: $8,000 Nora: $0 Michael: $10,000Sunya established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $22,000 when the children were five years old. Sunya made no further contributions to his children’s plans. Thirteen years later, both children have graduated from high school. Kim’s fund has accumulated to $45,000, and Jim’s has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to go to work instead of going to college. During the current year, $7,500 is used from Kim’s plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Sunya withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school. What are the tax consequences to Jim (is any amount taxable and why) of Jim’s qualified tuition program being closed?
- Kelly receives a $40,000 scholarship to Ivy University. She uses $35,000 on tuition and books and $5,000 for rent while at school. Kelly will recognize _______ gross income. a.$10,000 b.$5,000 c.$30,000 d.$0 e.$40,000Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her monthly gross income is $4,155.00. She has the following taken out of her gross income: Social Security, Medicare, State Disability Insurance of 1%, State Withholding Tax of 2.64%, and Federal Withholding Tax using the percentage method. She Federal Withholding Tax. She also makes a $15.00 contribution to American Society for the Prevention of Cruelty to Animals and a $50.00 contribution to the Salvation Army. a. How much are Mary’s FICA taxes? b. How much is her State Disability Insurance? c. How much is her State Withholding Tax? d. How much is her Federal Withholding Tax? e. What is Mary’s monthly net earnings?Audrey volunteer at the homeless shelter, she worked 279 days during the year, she was required to have a uniform that cost $ 275.00 and shoes for $ 65, she traveled 5 miles each way to get to the homeless shelter her AGI $ 200,000, how much will be her charitable contribution deduction for the tax year?
- Richie is an unmarried law student at State University Law School, a qualified educational institution. This year Richie borrowed $24,000 from County Bank and paid interest of $1,440. Richie used the loan proceeds to pay his law school tuition. Calculate the amounts Richie can deduct for higher education expenses and interest on higher education loans under the following circumstances: Richie’s AGI before deducting interest on higher education loans is $50,000.Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: a. Lionel's AGI before deducting interest on higher-education loans is $50,000.Tatsuo has just been awarded a four-year scholarship to attend the university of his choice. The scholarship will pay $8,000 each year for the next four years to reimburse normal school-related expenditures. Each $8,000 payment will be made at the end of the year, contingent on Tatsuo maintaining good grades in his classes for that year. Assuming an annual interest rate of 6%, determine the value today of receiving this scholarship if Tatsuo maintains good grades.