1- Carolyn has an AGI of $39,800 (all from earned income), two qualifying childr

Q: 1- Carolyn has an AGI of $39,800 (all from earned income), two qualifying childr

1. AGI = $39800 Amount of earned income credit is she entitled to = 5,548 maximum credit minus $4,568 phase-out [($39,800 - $18110) x .2106] = $ 980 ANSWER = d) $980 2. PURCHASE COST = $81000 Life = 75 MONTHS Purchased on = 15th july Currrent period (amortization period) = 15 july to 31 december = 5.5 mmonths Amortization cost = $81000 * 5.5 months / 75 months = $5940 ANSWER = C) $5940

ID: 2734870 • Letter: 1

Question

Carolyn has an AGI of $39,800 (all from earned income), two qualifying children, and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10)

$4,568

$5,548

$3,305

$980

Jorge purchased a copyright for use in his business in the current year. The purchase occurred on July 15th and the purchase price was $81,000. If the patent has a remaining life of 75 months, what is the total amortization expense Jorge may deduct during the current year?

$6,480

$5,940

None of these:

$12,960

Explanation / Answer

AGI = $39800

Amount of earned income credit is she entitled to =

5,548 maximum credit minus $4,568 phase-out [($39,800 - $18110) x .2106] = $ 980

ANSWER = d) $980

2. PURCHASE COST = $81000

Life = 75 MONTHS

Purchased on = 15th july

Currrent period (amortization period) = 15 july to 31 december = 5.5 mmonths

Amortization cost = $81000 * 5.5 months / 75 months

= $5940

ANSWER = C) $5940

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1- Carolyn has an AGI of $39,800 (all from earned income), two qualifying childr

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