A Public University Had Tuition and Fees for the Year

question 14

Multiple Choice

A public university had tuition and fees for the year ended June 30,2012,in the amount of $27,000,000.Scholarships,for which no services were required,amounted to $2,100,000.Graduate assistantships,for which services were required,amounted to $1,950,000.The amount to be reported by the university as net tuition and fee revenue would be

• A)$27,000,000
• B)$25,050,000
• C)$24,900,000
• D)$22,950,000

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Definitions:

Personal Exemption

A specific amount that taxpayers could deduct from their taxable income for themselves and their dependents, applicable in tax years before 2018.

Income Tax Withholding

The practice of deducting income tax from an employee's gross pay on behalf of the government, reducing the amount the employee takes home.

Multiple Support Agreement

An agreement where multiple parties contribute to the support of an individual, allowing one to claim a tax exemption under certain conditions.

Claim the Mother

The act of declaring a mother as a dependent or beneficiary for tax or legal purposes, subject to specific criteria.