Hyman homes inc paid 3000 of qualified first year

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South-Western Federal Taxation 2020: Individual Income Taxes
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Chapter 13 / Exercise 39
South-Western Federal Taxation 2020: Individual Income Taxes
Young/Nellen/Hoffman
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82. Hyman Homes, Inc. paid $3,000 of qualified first-year wages to a qualified summer youth employee who worked 400 hours and $7,000 of qualified first-year wages to a qualified ex-felon who worked 350 hours during the year. What is the company's work opporutunity credit for the year?a. $1,200*b. $2,250c. $3,600d. $4,000
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South-Western Federal Taxation 2020: Individual Income Taxes
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Chapter 13 / Exercise 39
South-Western Federal Taxation 2020: Individual Income Taxes
Young/Nellen/Hoffman
Expert Verified
83. Tad Trumbell is married and attending State University. Tad and Mary have one child. Mary worked to help put Tad through school. The child, who is four years old, is kept at a day care school. Tad paid the school $3,500 this year to keep the child. Tad and Mary had income of $14,000 this year, all of which was earned by Mary. Assuming Tad attends school for 12 months, what amount may Tad and Mary claim as a child care credit (Ignore the income tax limitation.)?
84. What is the amount of work opportunity credit that an employer may receive for the year assuming the taxpayer hired three qualified individuals and paid them $10,000 each?
85. What is the general business credit allowed for the year assuming that an individual has earned a general business credit of $40,000 and the tax liability before any general business credit is $37,000? Ignore any alternative tax implications.
86. Agnes Green, single, had gross income of $138,000, adjusted gross income of $70,000, and taxable income of $24,500. Her regular income tax liability was $3,229. She had adjustments to taxable income of $10,000 and tax preferences of $80,000. What is Ms. Green's tax liability?

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