Anna is a scholarship grantee of ABC Company. In consideration of Anna’s excellent academic performance, she received a P100,000 award form ABC Company with the condition that after graduation, she will render at least 1 year service to ABC. Is the award taxable?
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Anna is a scholarship grantee of ABC Company. In consideration of Anna’s excellent academic performance, she received a P100,000 award form ABC Company with the condition that after graduation, she will render at least 1 year service to ABC. Is the award taxable?
A. Yes, it is not excluded from gross income because it is in consideration of future service.
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- If Kayla received a $2,000 unrestricted scholarship from a local civic organization, how much of the scholarship would be taxable? $0 $2,000 The remaining balance of the scholarship not applied towards qualified expenses. The portion of the scholarship used to pay for qualified expenses.Sherry donates $5,000 to the university in exchange for the right to purchase tickets for the upcoming football season. How s contribution? A deduction is not allowed. She must limit the deduction to 50% of the cost. She may deduct $5,000 as a charitable contribution. She may deduct $5,000 as a business expense.Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000
- Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is More info a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand dollars of the scholarship…Renee works at Indigo Inc. and attends school part-time as part of her company’s educational assistance program. In 2022 her company reimbursed her a total of $6,250 for tuition, books, supplies, fees, etc., related to her schooling. How much of this amount can Renee exclude from her gross income A. $0, this is a company sponsored benefit and does affect the individual’s return B. $5,250, the maximum exclusion allowed under an employer’s educational assistance program C. $5,750, the maximum exclusion allowed under an employer’s educational assistance program D. $6,250, the maximum exclusion allowed under an employer’s educational assistance programWindsor is employed at Rockstar Music. Windsor is receiving education assistance of $6,050 per year from Rockstar Music to complete a bachelor's degree from an accredited college. Required: How much of that assistance is taxable? Taxable assistance D B
- Carrie, a single taxpayer, finished her undergraduate degree using money from a student loan. She earned $56,000 her first year and paid $2,600 in interest in 2021. She can take a deduction for student loan interest in the amount of: a.$0 b.$2,500 c.$2,600 d.$1,500 e.None of these choices are correctIn 2021, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She uses the funds to pay for tuition and other qualified higher education expenses. What amount is taxable to Amy? a.$0 b.$8,000 c.$3,000 d.$11,000Chanda is employed in a local accounting company (ABC accounting) that specialises in providing tax return to individuals. On 1st April, 2020 ABC provided a car for Chanda to use both for business and private purposes. ABC Purchased the car on 1st January, 2020 for the amount of $28,000. During the year, repairs and maintenance costs amounted to $2,000. Chanda contributes $1,000 towards the cost. Required: Please calculate the fringe benefits taxable (FBT) amount for the car using the statutory method in this case for the FBT year 2020-2021.
- Robbie receives a scholarship of $20,000 from an elite private college. $12,000 of the scholarship is earmarked for tuition, and $8,000 covers his room and board. How much of the scholarship, if any, is taxable to Robbie?In 2022, Alania is a self-employed taxpayer and also an investor in the stock market in her spare time. In the current year, she incurs $2,500 of travel expenses and $1,000 in registration fees related to attending investment seminars. Can Alania deduct the expenses for attending an investment seminar? Select answer from below: a.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. The registration fees of $1,000 are deductible from AGI. b.) The travel expenses related to attending the seminars are deductible from AGI since they are related to the production of income under Sec. 212. The registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. c.) The travel expenses related to attending the seminars and the registration fees of $1,000 are not deductible since they…1. Nicole is a student at USB Law School; she receives a $52,000 scholarship. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole? a.$52,000 b.$5,000 c.$7,000 d.$45,000 e.$47,000 2. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books$4,000 scholarship from the Elks Lodge for tuition$5,000 worth of room and board as a dorm supervisor through a work-study programHow much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000 3. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as…