Assume you plan to volunteer at a Volunteer Income Tax Assistance (VITA) program for low income taxpayers and wish to prepare so you can help your clients achieve the maximum tax savings. Briefly discuss tax credits with which you should become familiar.
What will be an ideal response?
For low-income workers, the earned income credit provides a non-refundable credit. For families, additional credits may be available for children below age 17 (the child credit) and for daycare (child and dependent care credit). The child credit is partially refundable. In addition, for taxpayers who are undertaking higher education, or who have children in higher education, the two education credits, the American Opportunity Tax Credit or the Lifetime Learning credit, may apply. For individuals working who contribute to retirement plans at work or to an IRA, the saver's credit will be available. For lower-income taxpayers age 65 and older, or younger taxpayers who retired due to disability, the tax credit for the elderly and disabled may provide tax savings. Lower and middle income individuals and families purchasing health insurance may be entitled to the health insurance premium assistance credit.
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You are interested in selling your homemade crafts. You have chosen a retail location to sell your crafts. What other factors in distribution ("place" from the marketing mix) do you need to consider besides the location?
What will be an ideal response?
If an individual with inside information can make higher than expected profits, the market is no more than semi-strong form efficient
Indicate whether this statement is true or false.
At Martel's annual review, he and his boss set a performance goal that will be difficult for him to achieve in one year. However, Martel is very enthusiastic about giving it a try. What type of goal is this?
A) an equity goal B) a negative goal C) an outcome goal D) a reverse goal E) a stretch goal
Which of the following is accurate with respect to accounting for an investor-owned, for-profit hospital?
A. The hospital must the direct method of presenting operating cash flows. B. The hospital would use accrual accounting in the same manner as a commercial business with the exception of the recording of donations which would be recorded using the modified accrual method. C. The hospital would be subject to the FASB (category A GAAP) and the AICPA Health Care Guide (category B GAAP). D. The hospital would be subject to the AICPA Health Care Guide and FASB pronouncements for not-for-profits, such as Statements 116 and 117.