Question

Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

What is the amount of the Maximum Benefit?

Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

What is the amount of the Taxable Scholarship?

Labor hours not given

Answer 1

Answers : -

Any amount which is paid for the expenses other than the qualified expenses such as tuition fees or books are taxable. In above situations the amount paid for tax $1,000 is not an qualified expense as per grants.

The maximum amount of benefits is equal to the grant given or the maximum amount of $6,085.

The amount of taxable benefits is equal to the amount paid for tax payment.

He didn't received any amount for the work, the income is not recognised.