(SOLVED) Taxpayers are permitted to contribute money to

qualified retirement plans

Taxpayers are permitted to contribute money to qualified retirement plans and receive very
favorable tax benefits. Congress has provided further incentives to contribute money to such
plans by enacting the Qualified Retirement Savings Contributions Credit. a. Why did Congress
enact this credit when such contributions already receive favorable tax treatment? […]

Alice is a single mother, 37 years old, and has two qualifying children, ages 3 and 6. She
receives $3,600 alimony and earns $18,000 in wages resulting in $21,600 of AGI in 2015. Is
Alice eligible for the earned income credit? If so, is it possible for her to receive […]

Vivian is a single taxpayer with two children who qualify for the child and dependent care credit.
She incurred $7,000 of qualifying child care expenses during the current year. She also
received $4,000 in reimbursements from her employer from a qualified employee dependent
care assistance program. What is the maximum […]

Queen Corporation has been in business since 1989. During the preceding year, the company
had 25 full-time employees and gross receipts of $8,000,000. During the current year, Queen
spent $15,000 to install access ramps for disabled individuals. Is Queen Corporation eligible for
the disabled access credit? If so, what is […]

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Although it became law in 2010, one of the key features of the Affordable Care Act, the
Premium Assistance Credit, became effective in 2014. Describe the tax costs to a taxpayer who
does not purchase health insurance coverage for 2015. Assume the taxpayer is single, 40 years
old, has no […]

Sarah, a married taxpayer who files a joint return, is considering a foreign assignment for two
years. In 2015, she will earn $120,000 in the foreign country. Sarah has no other income. She
will be eligible for either the foreign tax credit or the foreign-earned income exclusion. The
average tax […]

Berkeley Corporation has a policy of furnishing new automobiles to the athletic department of
the local university. The automobiles are used for short periods of time by the extremely popular
head basketball coach. When the automobiles are returned to Berkeley Corporation, they are
sold to regular customers. The owner of […]

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