Chad and Jaqueline Are Married and Have AGI of $150,000

question 70

Multiple Choice

Chad and Jaqueline are married and have AGI of $150,000.In 2019 they adopted a child,while taking advantage of their employer's written adoption assistance program.The adoption cost $9,500,all of which was paid by the employer in accordance with the adoption plan.How much of the employer-paid adoption costs may be excluded from their income?

• A)$0
• B)$5,000
• C)$5,250
• D)$9,500

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Definitions:

Laissez-Faire Capitalism

An economic system where private parties are free from government intervention in the production and distribution of goods and services, barring basic regulations.

Government Role

The range of activities undertaken by the government to regulate, supervise, and participate in the economy, including legislation, taxation, and public services.

Industrial Safety

The management of all operations and events within an industry, designed to protect employees and assets by minimizing hazards, risks, and accidents.

Economic Systems

The organizational structures societies use to allocate resources, distribute goods and services, and make production decisions.