Employer in accordance with the adoption plan, Accounting Basics

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Employer in accordance with the adoption plan

Benjamin and Jennifer are married and this year have AGI of $85,000. This year they adopted a child who does not have special needs while taking advantage of their employers written adoption assistance program. They spent $15,000 in connection with the adoption, all of which was paid by the employer in accordance with the adoption plan. How much of the employer paid adoption costs must be included in their income?

a. $0

b. $4,040

c. $10,960

d. $15,000

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Accounting Basics: Employer in accordance with the adoption plan

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Accounting Basics: Employer in accordance with the adoption plan

Reference No:- TGS074009

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Employer in accordance with the adoption plan

Reference No:- TGS074009

Recent Questions Asked Accounting Basics

Q : Prepare the journal entries to update depreciation

Q : Annual overhead costs are expected

Q : At what amounts should each of three assets be recorded

Q : Access international accounting standards

Q : Employer in accordance with the adoption plan

Q : Amount of interest that will be recorded

Q : Straight line method of depreciation concept

Q : Straight-line method of depreciation based question

Q : Profitability as measured by return on sales

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