Pamelia (21) is a full-time undergraduate student pursuing an accounting degree at her state university. During the year, she received a $6,500, unrestricted scholarship, reported to her on Form 1098-T rather than Form W-2. She spent $5,500 of the scholarship funds on her current-year tuition, and she applied the rest to room and board. Pamelia also had income from a part-time job, and she is required to file a 2020 tax return. How does she report the scholarship on her Form 1040

Answers

Answer 1

Based on the information given, in order to report the scholarship, the best option is B. She should enter "SCH" and "1000" on the dotted line next to line 1 of form 1040.

It should be noted that form 1040 is the form that uses by individual taxpayers to file their taxes with the IRS. In this case, it should be noted that scholarship money can either be tax fee or partially free.

From the complete information, Pamelia received a $6,500, unrestricted scholarship, reported to her on Form 1098-T rather than Form W-2. Therefore, since she didn't get a W-2 listing the amount that's taxable, she should write SCH" and "1000" on the dotted line next to line 1 of form 1040.

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Related Questions

Alpha Co. is paying a $.72 per share dividend today. There are 138,000 shares outstanding with a par value of $1 per share. As a result of this dividend, the:

Answers

The dividend paid reduces retained earnings by  $99,360

Dividend is the money paid out of profit after tax by a company to its shareholders.

We can compute the dividend paid by :

= Per share dividend * Shares outstanding

= $.72 * 138,000

= $99,360

Hence, dividend paid is $99,500 which reduces retained earnings by same amount.

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Talese would like to claim her granddaughter, Natalia, as her qualifying child so she can claim the Earned Income Tax Credit (EITC). However, Natalia's mother, Taye, is also eligible to claim Natalia as her qualifying child for EITC purposes. As Talese's tax preparer, what information would you share with Talese

Answers

Explanation:

Taye holds a higher right and may claim EITC based on Natalia because Taye is natalia parent

Because Taye is Natalia's parent, Taye has a larger claim and may make an EITC ( Earned Income Tax Credit) claim based on Natalia.

What is Earned Income Tax Credit?

Low- to moderate-income employees and their families can benefit from tax breaks thanks to the Earned Income Tax Credit (EITC). If you are eligible, you can use the credit to lower your tax liability and perhaps boost your refund. For working low- to moderate-income people and couples, especially those with children, the federal earned income tax credit (EITC or EIC) is a refundable tax benefit.

The number of children and the recipient's income is factors that affect the EITC benefit amount. Adults with low incomes who are not parents are eligible. An individual or couple must meet conditions including relationship, age, and shared domicile in order to claim one or more people as their qualifying kids. EITC develops gradually and reaches a medium-length plateau.

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why is international employment important​

Answers

The importance of foreign employment are:
1) Country can get lots of foreign currency as the remittance which can be used to establish industries in the country
2) People who go work overseas to work can learn different skills and technology which can be beneficial for the development for our own country

Johan is a 25-year-old, single taxpayer with modified adjusted gross income of $18,500. During Tax Year 2020, he made a $2,000 contribution to his employer's 401(k) plan. He has never taken a distribution from any retirement plan. The maximum amount Johan may receive for the retirement savings contributions credit (Saver's Credit) is:

Answers

Johan is entitled to receive a maximum of $1,000 for the retirement savings contributions credit.

The amount of Saver's Credit claimed depends on the adjusted gross income and the tax filing status. In a single year, the claim made can be either 50%, 20%, or 10% for the first contribution of $2,000 made during the year for a retirement account. In other words, the maximum claim can either be $1,000, $400, or $200.

Moreover, the Saver's Credit could be claimed for contributions made to the:

401k403(b)457 planSimple IRASEP IRA

Keeping in view the above information, Johan is a single taxpayer and his income is below $19,750 and therefore, he could claim contribution for retirement savings at 50%. This means his contribution is $1,000 ($2,000 x 50%).

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I believe that morgage option 1 is the best option. There are three elements of the mortgage, and three reasons why I believe this. The first is the interest rate. The second is the if it is fixed or adjusted. The last reason, is the length of the mortgage. I believe that the mortgage option one is the best choice. This is for two coinciding reasons. The first reason is that Mortgage opotion one has one of the lowest interest rates. While it looks like mortgage option two has the lowest mortgage rate, it most likely will not in the future. This is because mortgage option two is an annually adjusted mortgage, which means that the interest rate will most likely increase in the future according to the mortgage consultant. So, mortgage option one and three are the best options. The second and final reason that makes mortgage option one the best choice is the mortgage length. Mortgage option one's length is 30 years. While mortgage option three's is 8 years. While 8 year ssounds like a better length of time, it really is not. At the end of those 8 years whatever has not been paid off on the mortgage has to be paid off immediately. which makes mortgage option one

Answers

Answer:

new sasagotan na holahola hahhaha thanks bye love you bebe

Brainlest???
How do social media sites impact the hospitality and tourism industry and its employees?

Answers

Answer:

Social media permits hotel managers to get immediate and direct feedback from their clients, so they can understand better their needs and wants. On the other hand, social media can have a negative effect too.

Explanation:

Hopes this helps

The Brital Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June:



Direct Materials processed: 29,500 gallons

Answers

The Gross Margin Percentage is 31.62%.

Sales Price = (14,000 gallon*$3.5 + 15,500 gallon*$6)

Sales Price = $49,000 + $93,000

Sales Price = $142,000

Total Processing Costs = $49,000

Separable Costs = $13500 + $34600

Separable Costs = $48,100

Gross profit = Sales Price - Total - Processing Costs- Separable Costs

Gross profit = $142,000 - $49,000 - $48,100

Gross profit = $44,900

Gross Margin Percentage = Gross profit/Sales Price * 100

Gross Margin Percentage = $44900 / $142000 * 100

Gross Margin Percentage = 31.62%

Therefore, the Gross Margin Percentage is 31.62%.

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For what kind of discrimination does the EEOC handle complaints?

race and sex only

race, sex, color, religion, or nationality

religion and nationality only

Answers

Answer:

2.)- race, sex, color, religion, or nationality.

Explanation:

:)

the answer is the second option

Describe how personal goals, lifestyle, background, hobbies, interests, experience, abilities and financial
resources will impact a business.

Answers

It should be noted that personal goals, lifestyle, financial resources play a vital role in the success and growth of a business.

Experience plays a vital role in q business. When an individual has previous experience regarding a business, this will help shape the person in the right direction.

Also, having the financial resources to meet one's needs are important. Having huge finance can aid the development of one's business.

One's lifestyle and background also matter. It's important to engage in the activities that will lead to the success of the business.

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Which amendment to a law made it illegal to discriminate based on pregnancy? Which law was amended?

The (Blank) amendment to the (Blank) law made discrimination based on pregnancy illegal.

First one has a list of these three options.
ADA
PDA
ADEA

Second one has a list of these three options.
Title VII
Title I
Title IV

Answers

Answer:

I believe it's "The PDA amendment to the Title VII law made discrimination based on pregnancy illegal"

Explanation:

Fad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $20 was marked up $12, marked down for a sale by $6 and then had a markdown cancellation of $3. The latest selling price is

Answers

Answer:

20+12-6+3 = 29

Explanation:

A recent item that cost $20 was marked up $12, marked down for a sale by $6 and then had a markdown cancellation of $3. The latest selling price is 29.

What is the price?

The term pricing refers to the product value are the owner are the sale of the product. The price of the product are the amount to the borrower are the paid. Pricing is the important factor in determining how well-liked a product is in the market. The cost are the those price to the manufacturing the product. The price are the retailer sale, the cost, and the price are the different.

According to the given the amount are:

item that cost $20marked up $12a sale by $6cancellation of $3

Latest selling price is the 20+12-6+3

Latest selling price is the = 29

As a result, the latest selling price is 29.

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a) Staples Corporation shows a credit balance of $21,500 in Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. The accounts receivable aging schedule revealed the following:
Not yet due
1–30 days past due 31–60 days past due 61–90 days past due Over 90 days past due
Estimated Percentage Uncollectible
$250,000 3% 660,000 6% 125,000 12%
85,000 28% 25,000 42%
Compute the total uncollectible and journalize the entry on December 31, 2019, to record bad debts expense.

Answers

The total uncollectible for Staples Corporation is $74,900 and the journal entry is:

Date                  Account Title                                            Debit             Credit

Dec. 31              Uncollectible Account Expense           $74,900

                         Allowance for doubtful accounts                                 $74,900

Total estimated uncollectible is:

= (250,000 x 3%) + (660,000 x 6%) + (125,000 x 12%) x (85,000 x 28% + (25,000 x 42%)

= $96,400

The uncollectible account balance is:

= Estimated uncollectible - Allowance for doubtful debt credit balance

= 96,400 - 21,500

= $74,900

In conclusion, the total uncollectible balance is $74,900

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Both you and your older brother would like to have $28,500 in 14 years. Because of your success in this class, you feel that you are a more savvy investor than your brother and will be able to earn an annual return of 10.5 percent compared to your brother's 8.7 percent. How much less than your brother will you have to deposit today

Answers

How much less than your brother will you have to deposit today is $1,820.78.

First step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.105)^14

Present value= $28,500 ÷ 1.105^14

Present value= $28,500 ÷ 4.04642869977

Present value=$7,043.25

Second step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.087)^14

Present value= $28,500 ÷ 1.087^14

Present value= $28,500 ÷3.21524163645

Present value=$8,864.03

Third step

Deposit today=-$8,864.03-$7,043.25

Deposit today= $1,820.78

Inconclusion how much less than your brother will you have to deposit today is $1,820.78.

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True or false?

Brad is not a huge fan of kids but loves to work with animals. The Early Childhood Development pathway of the Human Services cluster would be a good fit for Brad.

Question 15 options:

True


False

Answers

False because it said he wasn’t a big fan of kids

Select the correct answer from each drop-down menu. If the firm is at point D and decides to increase the production of bike tires by 300 units, the opportunity cost will be truck tires. If the firm is at point B and decides to increase the production of truck tires by 400 units, the opportunity cost will be bike tires.

Answers

1. The answer is B
2. The answer is D
B an D are the answers

You are shopping for a new car. You find the perfect vehicle and are now applying for a loan from your local bank. Unfortunately, the bank rejects your application. You are surprised, because you have always paid your bills on time. You decide to examine your credit report. You discover that the credit agency is wrongly reporting that you are delinquent on a credit card bill. You have asked the agency to remove the inaccurate entry, but it has failed to do so. What liability does the credit agency face for its incorrect reporting

Answers

The liability faced by the credit agency for its incorrect reporting of your credit history is C. Your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.

Under the Fair Credit Reporting Act, your damages are not $5,000 only. It is also not actual damages plus or $3,000 plus the attorney's fees.

Thus, you can sue for actual damages, an additional amount not exceeding $1,000, plus your attorney's fees.

Answer Options:

A. $5,0000 only.

B. Your actual damages, plus an additional amount not to exceed $5,000.

C. Your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.

D. $3,000, plus attorney’s fees.

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________ is the amount of data that can be transmitted across a transmission medium measured in bits per second.

Answers

Answer- Bandwidth

Explanation:

i looked up ur question so im not sure if its correct

makes sure an agenda is sent out before the meeting

Answers

Answer:

Facilitator

Explanation:

Facilitators manage the meeting process.

Hope that helps!

If a stock's closing price for the day is 32.47, the stock's price in U.S. dollars would be

Multiple Choice
$32.47.
$3,247.
$32 plus a $.47 commission.
in between a low of $32 and a high of $47.

Answers

Answer:

$32.47

Explanation:

the closing price is the final price a stock is traded at before market close

Assume that you have already completed a 5-year international assignment working for KPMG as a Tax Consultant in Singapore.
By using the relocation transition curve, you need to write an essay to make your own analysis and explain how you adapted to the new living and working environment.

Answers

From the information, it can be inferred that it's an indication of the uncertainty that exists in the Vietnamese cultural model.

From the complete information, Vietnam has low points in the avoidance index. This implies that they're less associated with their cultural roots and don't have concern for hiring white people.

Some of the solutions that can be applied for training the workers include providing them with ethical and language-based training and also encourage a team culture.

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One of the benefits to lenders from the secondary mortgage markets is that they tend to raise the interest rate charged to borrowers. Group of answer choices True False

Answers

Answer:

true

Explanation:

the mortgage is riskier for the lender as the first mortgage takes priority and getting paid off in a foreclosure

A surplus of 500 units will occur when the price is rev: 05_07_2018 Multiple Choice $30 per unit. $20 per unit. $15 per unit. $10 per unit. g

Answers

Economic surplus simply refers to gains that is benefited by a consumer or producer within an economic activity.

Your information is incomplete. Therefore, an overview of surplus will be given. Economic surplus is also known as the total welfare.

It's simply the extra benefit gotten in a transaction. It's typically the area above the equilibrium price of the good. It's also below the demand curve.

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which is true in a perfect economy ?
business owners should focus on telling customers how the features of their products are different from other available products.
determining the best price for the product is more important than the marketing. business owners should focus on pricing their products correctly so customers choose it over competitors products. advertising will have little effect on the success of the products and it not needed​

Answers

Answer:

business owners should focus on pricing their products correctly so customers choose it over competitors products.

Explanation:

Mark me brainlest!

Miguel won $600 at Lucky Casino and $1,450 at Riverboat Casino. His losses for the year at Lucky Casino were $800, and his losses at Riverboat Casino were $1,000. He also spent $200 for lottery tickets without winning anything. How much can he deduct for gambling losses on Schedule A, Itemized Deductions

Answers

Based on Miguel's activities in the casinos, the amount that can be deducted is $2,000.

Gambling tax laws are such that one can set off their gambling losses against their wins. This means that one can deduct the lower amount between their winnings and their losses for the year.

Miguel's winnings:

= 600 + 1,450

= $2,050

Miguel's losses:

= 800 + 1,000 + 200

= $2,000

The amount he can deduct is therefore $2,000.

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Employees have leadership prototypes, which they use to Multiple Choice decide whether a leader is effective based on their perception of how the leader should look and act. help them interact more effectively with leaders across cultures. attribute the actions of leaders to external causes rather than to internal attributes. personally engage in shared leadership. decide whether they should become a leader rather than a follower.

Answers

Based on implicit leadership theory, Employees have leadership prototypes, which they use to "decide whether a leader is effective based on their perception of how the leader should look and act."

What is Leadership Prototype?

Leadership Prototype generally occurs when people evaluate or assess a leader's effectiveness.

Leadership prototypes are implicit leadership whereby individuals use the cognitive indication of an actual or abstract leader believed to possess all leaders' attributes.

Hence, in this case, it is concluded that the correct answer is to "decide whether a leader is effective based on their perception of how the leader should look and act."

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Which of the following are the fastest growing forms of marketing?


Direct and digital


Undifferentiated and differentiated


Internal and external


Mass and targeted


Standardized and customized

Answers

Answer: the answer is a

Explanation:

Answer:

I think it's A

Explanation:

nowadays a lot of people use digital ..almost everyone is online now

people love direct talking and dealing like me I get offended when they beat around the Bush so I conclude it to ans A

hope this will help

Suppose the price of movie tickets decreases by 4%, causing the quantity demanded of popcorn to increase by 10%. What would the cross-price elasticity for movie tickets and popcorn be in this example

Answers

The cross-price elasticity of movie tickets and popcorn will be -2.5 in this example. The cross elasticity of demand in economics describes how responsive a market is to changes in the price of one good relative to another.

An economic concept known as the cross elasticity of demand quantifies how responsively consumers purchase more of one commodity when the price of another good increase. This statistic, which is also known as cross-price elasticity of demand, is determined by dividing the percentage change in the quantity demanded of one commodity by the percentage change in its price.

In other words, it establishes the relationship between the quantity of one thing that is required in response to changes in the price of another good or product. Simply put, it tracks how demand for one good varies in response to changes in the price of another.

Therefore, the cross-price elasticity will be -2.5.

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benefits of public corporations in kenya​

Answers

benefits of public corporations in kenya

Economies of scale.

Easier planning and coordination.

Autonomous set-up.

Protection of public interest.

Quicker decisions.

Raising funds through private sourcing.

Businesses use a number of methods to gather information and create a good
picture of their customer base Businesses use a number of methods to gather information and create a good picture of their customer base. This _________________ can help companies to validate their target market.. This
can help companies
to validate their target market.
Select one:
a. Market research
b. Segmentation
C. Retargeting
d. Strategic planning

Answers

Based on marketing analysis and considering the situation described above, this segmentation can help companies validate their target market.

What is Segmentation in Business?

Segmentation is a process in which companies categorize the market into segments based on related features.

The segmentation process allows firms to create accurately targeted marketing and personalized content.

Types of Market Segmentation

Significant types of market segmentation include the following:

Demographic Psychographic GeographicBehavioral

Hence, in this case, it is concluded that the correct answer is option B. Segmentation.

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Services from health care to education are provided to people by the government. This is an example of _____.

Answers

Answer:

good governance

Explanation:

because if the is a good government he will ensure that the educational system wont lack health care

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