Business, 25.12.2019 19:31 rsanchez1226

Jamie has an undergraduate degree in finance and is employed full-time by a bank. she is taking courses at a local university leading to an mba degree.

a. based on the reasons for the taking courses listed below, identify for jamie whether the associated costs are "deductible" or "nondeductible".

i. it is to maintain or improve existing skills required in her present job.
ii. it is to meet the minimum educational standards for qualification in her existing job.
iii. it is to qualify her for a new trade or business.
iv. it is to meet the express requirements of her employer or the requirements imposed by law to retain her employment status.
b. complete the statement below outlining the limitations imposed on the deduction.

i. assume that jamie is a single filer with an magi of $64,000.
ii. click here to view § 222 deduction amounts.
iii. deductible for agi and deducted from agi as an itemized deduction which subject to the 2%-of-agi limitation.

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Answer from: ashlynm12

Please find the detailed answer as follows:

Explanation:

a) The cost of obtaining an MBA degree for someone who is employed in a business position normally is a deductible education expense. But if the reason for taking course is to qualify her for a new trade or business then the expense will not be deductible or disallowed.

ReasonsDeductible or Nondeductible

It is to maintain or improve existing skills required in her present job.Deductible It is to meet the minimum educational standards for qualification in her existing job. Deductible It is to qualify her for a new trade or business. Nondeductible .It is to meet the express requirements of her employer or the requirements imposed by law to retain her employment status.Deductible.

b) $4,000 will be allowed as deduction for qualified tuition under § 222. Except for this amount of tuition portion, Jamie must itemize to claim the deduction and it will also be subject to the 2% of AGI limitation.

Answer from: Quest

False according to edgenuity

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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