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Explain the purpose of the disabled access credit, and identify several examples of the type of 5. Is the earned income credit a form of negative income tax? Why or why not?

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 Explain the purpose of the disabled access credit, and identify several examples of the type of

 

5. Is the earned income credit a form of negative income tax? Why or why not?

 

6. Individuals who receive substantial Social Security benefits are usually not eligible for the tax credit for the elderly or disabled because these benefits effectively eliminate the base upon which the credit is computed. Explain

 

8. Mark and Lisa are approaching an exciting time in their lives as their oldest son, Austin, graduates from high school and moves on to college. What are some of the tax issues Mark and Lisa should consider as they think about paying for Austin’s college education?

 

22. Polly and her husband, Leo, file a joint return and expect to report AGI of $75,000 in 2015. Polly’s employer offers a child and dependent care reimbursement plan that allows up to $5,000 of qualifying expenses to be reimbursed in exchange for a $5,000 reduction in the employee’s salary. Because Polly and Leo have two minor children requiring child care that costs $5800 each year, Polly is wondering if she should sign up for the program instead of taking advantage of the credit for child and dependent care expenses.

Assuming that Polly and Leo are in the 25% tax bracket, analyze the effort of the two alternatives. How would your answer differ if Polly and Leo’s AGI was $25,000 instead of $75,000? Assume in this case that their marginal tax rate is 10%.

 

40. Blue Horizons, Inc., a U.S. corporation, is a manufacturing concern that sells most of its products in the United States. It also does some business in the European Union through various branches. During the current year, Blue Horizons has taxable income of $700,000, of which $500,000 is U.S.-sourced and $200,000 is foreign-sourced. Foreign income taxes paid amounted to $45,000. Blue Horizons’ U.S. income tax liability is $238,000. What is its U.S. income tax liability net of the allowable foreign tax credit?

 

29. Oak Corporation has the following general business credit carryovers.

2011                                          $5,000

2012                                          $15,000

2013                                          $6,000

2014                                          $19,000

Total carryovers                      $45,000

If the general business credit generated by activities during 2015 equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability), what amounts of the current general business credit and carry overs are utilized against the 2015 income tax liability? What is the amount of unused credit carried forward to 2016?

 

31. Green Corporation hires six individuals on January 4, 2015, all of whom qualify for the work opportunity credit. Three of these individuals receive wages of $8,500 during 2015, and each individual works more than 400 hours during the year. The other three individuals work 300 hours and receive wages of $5,000 during the year.

a. Calculate the amount of Green’s work opportunity credit for 2015.

b. If Green pays total wages of $140,000 to its employees during the year, how much of this amount is deductible in 2015 assuming that the work opportunity credit is taken?

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