Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brendan and theresa are married and have three chi

Brendan and Theresa are married and have three children in college. Their twin daughters, Christine...

80.2K

Verified Solution

Question

Accounting

Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. Brendan and Theresa pay $12,280 in tuition and fees ($6,140 each) and $2,700 in textbooks ($1,380 and $1,320, respectively) for their daughters and $4,290 in tuition and fees for Kevin and $370 in textbooks. The twins' room and board is $2,500, while Kevin's room and board is $1,470. Brendan and Theresa have an adjusted gross income of $71,600.

a. Brendan and Theresa can claim $_____ as a tax credit for the higher education expenses.

Round your answers to the nearest whole dollar.

b. Assume that their adjusted gross income is $113,000, then they can claim $______ as a tax credit for the higher education expenses.

c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $_____ as a tax credit for the higher education expenses.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students