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ADMS 3520 Midterm: AProfile TestTax1Nov08.doc

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School
York University
Department
Administrative Studies
Course
ADMS 3520
Professor
Hernan Humana

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Document Summary

Mr. harry dole (sin 499-499-499) was born on august 28, 1956. He has spent most of his working life as an accountant and a teacher. He and his family live at 1166 west. Mr. dole"s spouse, terry, (sin 527-000-129) was born on june 6, 1958 and was a professional lawyer prior to her marriage to mr. dole. She works part time and she earned ,200 of business income for her work during the year. She has no expenses related to her income. Each child was born on january 1 of the following years, Angus (sin 527-000-285) has income of ,800, and started full time attendance at university in september of 2007. His first semester tuition fee is ,000 and he requires books with a total cost of . He attended school for 4 months full time. Lincoln (sin 527-002-554) is also in full time attendance at community college for all of 2007 for 8 months full time.

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Related Questions

Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $28,000 and incurred $9,100 of child care expenses.

Ivanna and Sergio's credit for child and dependent care expenses is?

Bob and Sally are married, file a joint tax return, report AGIof $115,000, and have two children. Del is beginning her freshmanyear at State College during Fall 2016, and Owen is beginning hissenior year at Southwest University during Fall 2016. Owencompleted his junior year during the Spring semester of 2015 (i.e.,he took a “leave of absence” during the 2015-2016 school year).Both Del and Owen are claimed as dependents on their parents’ taxreturn.

Del’s qualifying tuition expenses and fees total $5,000 for theFall semester, while Owen’s qualifying tuition expenses were $6,100for the Fall 2016 semester. Del’s room and board costs were $3,200for the Fall semester. Owen did not incur room and board costs, ashe lived with his aunt and uncle during the year.

​Full payment is made for the tuition and related expenses forboth children at the beginning of each semester. In addition to thechildren’s college expenses, Bob also spent $3,000 on professionaleducation seminars during the year in order to maintain his licenseas a practicing dentist. Bob attended the seminars during July andAugust 2016. Compute the available education tax credits for Boband Sally for 2016.

$3,100

$5,000

$5,480

$5,600

Determine the maximum personal tax credits for 2016 in thefollowing independent situations: 1. Mr. Doug Jackson is a 68 yearold former school teacher that lives with his 67 year old wife. Hehas pension income of $42,000 and rental income of $6,000. His wifehas no income of her own. 2. Mr. John Brown is 45 years old and hiswife is 42 year old. Mr. Brown had employment income of $86,000during the year and his wife had employment income of $55,000. Mr.Brown’s mother, aged 67 years old, lives with them. She is highlyactive and still works. She earned employment income of $6,000, heronly income, in the year. 3. Sandy Smith is a 41 year old divorcedmother of three. She had employment income of $82,000 andinvestment income of $12,000 during the year. Her children are aged4, 7 and 12. The 7 year old, Billy, is legally blind. 4. MichaelSparks is a 28 year old self employed student. He was in schoolfull time 8 months during the year for which he paid $3,500 oftuition. He also earned $70,000 in business income.