By Inc. BarCharts
No matter if you're a enterprise or accounting scholar seeking to ace the following try out or a veteran of the enterprise international who may well use a refresher, the Accounting Equations & solutions QuickStudy® advisor is right here to assist! This three-panel advisor outlines regular and difficult-to-remember accounting equations for monitoring resources, liabilities, fairness, source of revenue, and extra, in addition to convenient tricks, universal pitfalls, and different issues to ensure you don’t allow whatever slip in the course of the cracks. Examples are integrated for simple comprehension.
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Extra info for Accounting Equations & Answers
2. 2 Phaseout of Child Tax Credit over MAGI Limits in 2010 Filing Status MAGI Limit Married filing jointly $110,000 Head of household 75,000 Unmarried (single) 75,000 Qualifying widow(er) 75,000 Married filing separately 55,000 Example In 2010 you are a head of household with two qualifying children. Your MAGI is $80,000. Your credit amount of $2,000 ($1,000 × 2) is reduced by $250 ($80,000 − $75,000 = $5,000 MAGI ÷ [$1,000 × $50]). Your credit is $1,750 ($2,000 − $250). ” The refund is limited to 15 percent of your taxable earned income (such as wages, salary, tips, commissions, bonuses, and net earnings from self-employment) over $3,000 in 2010.
There are two types of tax credits: one that can be used only to offset tax liability (called a "nonrefundable" credit) and one that can be claimed even if it exceeds tax liability and you receive a refund (called a "refundable" credit). Usually you must complete a special tax form for each credit you claim. This book focuses on three types of tax-favored items: exclusions (tax-free income), deductions, and credits. Limits on Qualifying for Tax-Favored Items In many cases, eligibility for a tax benefit, or the extent to which it can be claimed, depends on adjusted gross income (AGI) or modified adjusted gross income (MAGI).
If a tax-exempt organization makes a payment to help pay adoption costs, the payment is not taxable. The payment is viewed as a gift to the recipient. Conditions To claim the adoption credit or exclusion, two key conditions apply. 1. You must pay qualified adoption expenses. 2. Your modified adjusted gross income cannot exceed a set amount. QUALIFIED ADOPTION EXPENSES Qualified expenses include any reasonable and necessary expenses related to the adoption. EXAMPLES OF QUALIFIED ADOPTION EXPENSES Adoption agency fees Attorney's fees Court costs Travel expenses while away from home (including meals and lodging) Nonqualifying expenses include those related to your adoption of your spouse's child, expenses related to a surrogate parenting arrangement, expenses paid using funds received from a government program, and expenses that violate the law.
Accounting Equations & Answers by Inc. BarCharts