ZuoTi.Pro
Question

jane is full time student who participates receiving a 2,500 American opportunity tax credit in 2019....

jane is full time student who participates receiving a 2,500 American opportunity tax credit in 2019. how does the amount of her anticipated credit affect the number of her allowances she should claim?

A) jane should use worksheet 1-6, converting crdits to withholding allowances, to help her adjust her withholding allowances for her credit.

B) it has no effect because she is full time student, full time student are automatically exempt from withholding anyway. no further calculations related to the amount of the credit are necessary

C) it has no effect because the AM tax credit not taken into account in determining allowances. the only credits considered for this purpose are the child tax credit and dependent care credit.

D)jane should use lines A_H on the personal allowances worksheet to convert this credit to withholding allowances.

three of the following installment agreement payment methods have a $225 fee. a taxpayer may pay a lower fee of $107 if they choose which of the following options?

A( check or money order

B) credit card

C)direct deposit

D) online payment agreement

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
jane is full time student who participates receiving a 2,500 American opportunity tax credit in 2019....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • federal income tax question Question 4 of 12. filed line 4c. Jane is a full-time student...

    federal income tax question Question 4 of 12. filed line 4c. Jane is a full-time student who anticipates receiving a $2,500 American Opportunity Tax Credit in 2019. Not looking for a huge tax refund, how should Jane treat the credit when completing her 2020 Form W-4? Jane should add an estimate of the expected annual credit amount in Step 3 of her 2020 Form W.-4. This will decrease the amount of her withholding per pay period and reduce the amount...

  • federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...

    federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...

  • Jane, who is expecting to finish college in May 2019, is fortunate to have already arranged...

    Jane, who is expecting to finish college in May 2019, is fortunate to have already arranged full-time employment after graduation. She will begin work on July 1, 2019, as a staff accountant at a nearby professional services firm with a starting salary of $64,600 per year. Jane is married to Craig, who plans to be a full-time student throughout the year. They anticipate generating no income for the year other than the salary from her new position. a. How many...

  • In year 1, the Ennetts’ 25-year-old daughter, Jane, is a full-time student at an out-of-state university,...

    In year 1, the Ennetts’ 25-year-old daughter, Jane, is a full-time student at an out-of-state university, but she plans to return home after the school year ends. In previous years, Jane has never worked, and her parents have always been able to claim her as a dependent. In year 1, a kind neighbor offers to pay for all of Jane’s educational and living expenses. Which of the following statements is most accurate regarding whether Jane’s parents would be allowed to...

  • Jane is 20 years old and is a sophomore at Lake University. She is a full-time...

    Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of her savings, and her grandparents provided $13,000. Which of the following statements is true regarding identifying Jane as a dependent? a. If...

  • QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as...

    QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as a dependent is eligible for the child tax credit. True False 1 points QUESTION 7 A single taxpayer, who is not a dependent on another’s return, not blind and under age 65, with income of $11,750 must file a tax return. True False 1 points QUESTION 8 If an unmarried taxpayer paid more than half the cost of keeping a home which is the...

  • 1:2-39 tax payments. Dependency Requirements, Child Tax Credit, and Credit for Other Dependents. How many dependents...

    1:2-39 tax payments. Dependency Requirements, Child Tax Credit, and Credit for Other Dependents. How many dependents does the taxpayer have, assuming the people involved are U.S. citizens? What amount of credit may be claimed for the taxpayer's dependents? a. Andrew supports his cousin Mary, who does not live with him. Mary has no income and is single. b. Bob and Ann are filing a joint return, Bob provided over one-half of his father's support. The father received Social Security benefits...

  • Meg Green works in a store and earns $46,000 a year. Her husband, John, works full-time...

    Meg Green works in a store and earns $46,000 a year. Her husband, John, works full-time in manufacturing and earns $68,000 a year. In 2018, they will also have $184 in taxable interest and $1,000 of other taxable income. They expect to file a joint income tax return. Meg and John complete Worksheets 1-3, 1-4, and 1-5 of Form W-4. Line 5 of Worksheet 1-5 shows that they will owe an additional $4,459 after subtracting their withholding for the year....

  • a. Arnie is a single college student who earned​ $7,700 working​ part-time. He had​ $200 of...

    a. Arnie is a single college student who earned​ $7,700 working​ part-time. He had​ $200 of interest income and received​ $1,000 of support from his parents. b. Buddy is a single college student who earned​ $7,700 working​ part-time. He had​ $1,600 of interest income and received​ $1,000 of support from his parents. c. Cindy is divorced and received​ $6,000 of alimony from her former husband and earned​ $12,000 working as a secretary. She also received​ $1,800 of child support for...

  • 21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University...

    21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University but she plans to return home after the school year ends. In previous years, Victoria has never worked and her parents have always been able to claim her as a dependent. Their AGI and earned income is $30,000. In 2020, Harrison, a kind neighbor pays all for all of Victoria's educational and living expenses. Can the Turnerts claim the Child Tax Credit or ODC...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT