The answer is true
For child and dependent care credit, the child who is incapacitated must be under age 13
Above 13 do not qualify to the child and dependent care credit
The credit limit is upto $3000 for one qualifying individual
Hence the option 1 is true
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child...
Question 1 (1 point) For purposes of the child and dependent care credit, only the custodial parent can claim a child as a qualifying child. 1) True 2) False
Question 6 (1 point) For purposes of claiming the earned income credit, a married child must be the taxpayer's dependent in order to claim the child as a qualifying child. 2) False 1) True 2) False
Problem 7-9 Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit allowed for 2018 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30%...
Question 1 (1 point) For tax years beginning after 2017 and before 2026, the initial child tax credit equals $2,000 for a dependent child under the age of 17. 1) True 2) False
Question 1 (1 point) A widow with a dependent child uses the married filing jointly filing status for the two years immediately after the year of the spouse's death. 1) True 2) False Question 2 (1 point) Abe and Tammy divorced in 2009. Abe continues to support Tammy's mother, who lives in a nursing home. Abe cannot claim his mother-in-law as a dependent because she no longer passes the relationship test. ( 1) True 2) False Question 3 (2 point)...
Problem 7-10 Child and Dependent Care Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 –...
for purposes of dependency exemption a qualifying child must be under age 19 a full-time student under age 24 or a permanently and totally disabled child true or false
QUESTION 6 An 18-year-old full-time student child who is claimed on the parents' tax return as a dependent is eligible for the child tax credit. True False 1 points QUESTION 7 A single taxpayer, who is not a dependent on another’s return, not blind and under age 65, with income of $11,750 must file a tax return. True False 1 points QUESTION 8 If an unmarried taxpayer paid more than half the cost of keeping a home which is the...
Which of the following is NOT an eligible expense for the Child and Dependent Care Credit? The cost of a private primary school tutor. Day camp fees. The day care cost of three or more qualifying individuals. Salary for a nanny who washes dishes in addition to caring for a qualifying individual. Mark for follow up
Problem 7-13 Child and Dependent Care Credit (LO 7.3) Martha has a 3-year-old child and pays $10,000 a year in day care costs. Her salary is $45,000. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 28% 29,000 – 31,000 27%...