Question

UESTION 3

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student has self-employment income from playing an accordion on 16th street.	$200	$3,000	$3,000	12%	$-

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 4

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student has self-employment income from playing an accordion on 16th street.	$200	$3,000	$3,000	12%	$0

   What is the amount of Taxable Scholarship?

0.5 points   

QUESTION 5

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This taxpayer received a scholarship from the ACFE for $1,000. It was not reported on his 1099T	$400	$5,600	$3,000	12%	$5,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 6

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This taxpayer received a scholarship from the ACFE for $1,000. It was not reported on his 1099T	$400	$5,600	$3,000	12%	$5,000

   What is the amount of the Taxable Scholarship?

0.5 points   

QUESTION 7

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This taxpayer lives at home rent-free. His grandma cooks all of his meals and does his laundry. He uses a bus pass included with his tuition. He pays for it with a job in the Geek Squad.	$400	$3,800	$-	12%	$-

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 8

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This taxpayer lives at home rent-free. His grandma cooks all of his meals and does his laundry. He uses a bus pass included with his tuition. He pays for it with a job in the Geek Squad.	$400	$3,800	$-	12%	$-

   What is the amount of the Taxable Scholarship?

Answer 1

3. Maximum benefit $ 3,200. Eligible amount spent on tuition fee and book is allowed as deduction irrespective of earnings.

4. Taxable scholarship $ 0, as the student hasn't received any scholarship.

5. Maximum benefit $ 0. As the pell grants and scholarship received sums up the expenses of tuition fee and books, no deduction is allowed.

6. Taxable scholarship $ 0. As the pell grants and scholarship received sums up the expenses of tuition fee and books, scholarship is not taxable.

7. Maximum benefit $ 4,000. Maximum allowable benefit is $ 4,000.

8. Taxable scholarship $ 0, as the student hasn't received any scholarship.