A widow maintains a home for herself and her two dependent pre-school children. In 2019, she...
A widow maintains a home for herself and her two dependent pre-school children. In 2019, she had adjusted gross income of $51,000 (all earned income). She paid work-related expenses of $8,000 for a housekeeper to care for the children. She was reimbursed for the costs by her employer. How much can be claimed as a child and dependent care credit in 2019? 1. $3,000 2. $0 3. $1,500 4. $6,000.
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A widow maintains a home for herself and her two dependent
pre-school children. In 2019, she...
Clark maintains a household for himself and his two dependent preschool children and files as head...
Clark maintains a household for himself and his two dependent preschool children and files as head of household. For the year ended December 31, 2018, Clark earned a salary of $62,000. He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. He had no other income or expenses during 2018. His tax liability before any credits is $5,011. How much can Clark claim as...
Problem 7-10 Child and Dependent Care Credit (LO 7.3) Clarita is a single taxpayer with two...
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 –...
Arthur is divorced with two dependent children, ages 8 and 13. His adjusted gross income is...
Arthur is divorced with two dependent children, ages 8 and 13. His adjusted gross income is $28,000, in 2018, and he incurs qualified child care expenses of $6,000, $3,000 for each child. a. What is the amount of Arthur's qualified child care expenses after any limitation? b. Calculate the amount of Arthur's child and dependent care credit before any tax liability limitation.
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports...
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports and who the with her full time She works at Arby's and earns $35,000 salary and has AGI of $35.000. She pays $3000 in the year for a babysitter. Which of the following is true? Select one or more: a. Lisa is entitled to a refund of her taxes for the Additional Child Credit, the Earned Income Credit and FICA taxes that were withheld....
Problem 7-9 Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and...
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%...
2. Lupe is married, with one dependent child. In 2019, she made $80,000 in wages. Her...
2. Lupe is married, with one dependent child. In 2019, she made $80,000 in wages. Her husband Eric runs his own business as a sole proprietorship and earned net income last year of $42.000. Lupe also received $10,000 in child support from her ex-spouse. Lupe and Eric paid $28,500 in state income taxes. They file as Married-Filing Jointly. Required: Calculate Lupe and Eric's taxable income. SHOW ALL YOUR WORK AND LABEL EACH DOLLAR AMOUNT. Unlabeled dollar amounts will receive NO...
me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth...
me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth and Aaron who are 3 and 5 years old. Jacqueline and John paid $10,000 in day care for Kenneth and Aaron in 2018. John's employer reimbursed $5,000 of dependent care expense. Jacqueline had full-year health insurance coverage for ner household from her employer. The insurance premium deducted from her paycheck was $13,000 in 2018. Based on the facts above, please answer the following questions:...
John (age 50) and Mary (age 49) have two dependent children. In 2019, they have following...
John (age 50) and Mary (age 49) have two dependent children. In 2019, they have following information: Wages - John Wages - Mary Interest and nonqualified dividend income Gambling income 200,000 90,000 8,000 2,000 25,000 6,000 9,000 1,000 1,500 10,000 Medical expenses BEFORE limitations Real estate taxes State income taxes Sales taxes per IRS tables Sales taxes - auto Qualified residence interest expense Investment interest expense BEFORE limitations Charitable cash contributions Gambling losses Employee business expenses BEFORE limitations (no meals...
a. Arnie is a single college student who earned $7,700 working part-time. He had $200 of...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports and who the with her full time She works at Arby's and earns $35,000 salary and has AGI of $35.000. She pays $3000 in the year for a babysitter. Which of the following is true? Select one or more: a. Lisa is entitled to a refund of her taxes for the Additional Child Credit, the Earned Income Credit and FICA taxes that were withheld....
2. Lupe is married, with one dependent child. In 2019, she made $80,000 in wages. Her husband Eric runs his own business as a sole proprietorship and earned net income last year of $42.000. Lupe also received $10,000 in child support from her ex-spouse. Lupe and Eric paid $28,500 in state income taxes. They file as Married-Filing Jointly. Required: Calculate Lupe and Eric's taxable income. SHOW ALL YOUR WORK AND LABEL EACH DOLLAR AMOUNT. Unlabeled dollar amounts will receive NO...
me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth and Aaron who are 3 and 5 years old. Jacqueline and John paid $10,000 in day care for Kenneth and Aaron in 2018. John's employer reimbursed $5,000 of dependent care expense. Jacqueline had full-year health insurance coverage for ner household from her employer. The insurance premium deducted from her paycheck was $13,000 in 2018. Based on the facts above, please answer the following questions:...
John (age 50) and Mary (age 49) have two dependent children. In 2019, they have following information: Wages - John Wages - Mary Interest and nonqualified dividend income Gambling income 200,000 90,000 8,000 2,000 25,000 6,000 9,000 1,000 1,500 10,000 Medical expenses BEFORE limitations Real estate taxes State income taxes Sales taxes per IRS tables Sales taxes - auto Qualified residence interest expense Investment interest expense BEFORE limitations Charitable cash contributions Gambling losses Employee business expenses BEFORE limitations (no meals...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
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