Homework Answers
For one children upto $3000 and two or more children they can claim upto $6000.
Hence allowable dependent care credit for V and J is $5200
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13.38 MI HUMU ULIJW. Leer wat Dependent Care Credit. V and Jare married and file a...
13-38 Dependent Care Credit. V and J are married and file a joint return for the...
13-38 Dependent Care Credit. V and J are married and file a joint return for the current year. Because they both work, they had to pay a babysitter $5,200 to watch their three children ages 7, 8, and 9). V earned $17,000 and J earned $21,200 during the year. They do not have any other source of income nor do they claim any de- ductions for adjusted gross income. Determine the allowable dependent care credit for V and J.
irs taxation IUI V U J. 13-39 Dependent Care Credit. M and B are married, have...
irs taxation
IUI V U J. 13-39 Dependent Care Credit. M and B are married, have a son three years old, and file a joint return for the current year. They incurred $500 a month for daycare center expenses. During the year, B earned $23,000 but M did not work outside the home. They do not have any other source of income nor do they claim any deductions for adjusted gross income. Determine the allowable dependent care credit for the...
1. 2. Exercise 13-16 (LO. 4) Santiago and Amy are married and file a joint tax...
1.
2.
Exercise 13-16 (LO. 4) Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 12, 14, and 18. All parties are U.S. citizens. The couple's AGI is $140,000. Santiago and Amy's child tax credit for 2019 is $ x and dependent tax credit is $ x. Problem 13-31 (LO.4) Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2019 and...
Miriam and Arthur are married and incur $5,200 of qualifying expenses to care for their two...
Miriam and Arthur are married and incur $5,200 of qualifying expenses to care for their two children ages 2 and 5. Miriam's earned income is $35,000 and Arhur is a student for 10 months of the year. What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit? Select one: O a. $3,000 O b. $5,200 O c. $6,000 O d. $5,000
Harry and Wilma are married and file a joint income tax return. On their tax return,...
Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6- year old daughter while they work. ABC Day Care Center $3,200 Blue Ridge Housekeeping Services 2,000 Mrs. Mason (Harry’s mother) ...
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 –...
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%...
Interview Notes . Charlie and Samantha are resident aliens, married, and want to file a joint...
Interview Notes . Charlie and Samantha are resident aliens, married, and want to file a joint retum • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years • old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINS). Sherry and Maria have Social Security numbers. Charlie earned...
Interview Notes • Tom and Carol are resident aliens, married, and want to file a joint...
Interview Notes • Tom and Carol are resident aliens, married, and want to file a joint return. • They have two children. Sydney is 5 years old and a resident alien. Benjamin is 2 years old and a U.S. citizen. Both children lived with the parents in the United States all year. • Tom, Carol, and Sydney have Individual Taxpayer Identification Numbers (ITINs). Benjamin has a Social Security number. • Tom earned $30,000 in wages. Carol had $8,000 in wage...
Emmanuel and Camille are married, file jointly, and have two children, ages three and seven, whom...
Emmanuel and Camille are married, file jointly, and have two
children, ages three and seven, whom they support. Their AGI is
$28,470.
Click here to access Exhibit 13.3 Earned Income Credit and
Phaseout Percentages.
Carry out computations to two decimal places, and round your
final answer to the nearest dollar.
Enter the amount of Emmanuel and Camille's earned income credit:
$_______
Exhibit 13.3 Child and Dependent Care Credit Computations Adjusted Gross Income Applicable Over But Not Over $15,000 0 15,000...
13-38 Dependent Care Credit. V and J are married and file a joint return for the current year. Because they both work, they had to pay a babysitter $5,200 to watch their three children ages 7, 8, and 9). V earned $17,000 and J earned $21,200 during the year. They do not have any other source of income nor do they claim any de- ductions for adjusted gross income. Determine the allowable dependent care credit for V and J.
irs taxation
IUI V U J. 13-39 Dependent Care Credit. M and B are married, have a son three years old, and file a joint return for the current year. They incurred $500 a month for daycare center expenses. During the year, B earned $23,000 but M did not work outside the home. They do not have any other source of income nor do they claim any deductions for adjusted gross income. Determine the allowable dependent care credit for the...
1.
2.
Exercise 13-16 (LO. 4) Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 12, 14, and 18. All parties are U.S. citizens. The couple's AGI is $140,000. Santiago and Amy's child tax credit for 2019 is $ x and dependent tax credit is $ x. Problem 13-31 (LO.4) Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2019 and...
Miriam and Arthur are married and incur $5,200 of qualifying expenses to care for their two children ages 2 and 5. Miriam's earned income is $35,000 and Arhur is a student for 10 months of the year. What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit? Select one: O a. $3,000 O b. $5,200 O c. $6,000 O d. $5,000
Interview Notes . Charlie and Samantha are resident aliens, married, and want to file a joint retum • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years • old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINS). Sherry and Maria have Social Security numbers. Charlie earned...
Emmanuel and Camille are married, file jointly, and have two
children, ages three and seven, whom they support. Their AGI is
$28,470.
Click here to access Exhibit 13.3 Earned Income Credit and
Phaseout Percentages.
Carry out computations to two decimal places, and round your
final answer to the nearest dollar.
Enter the amount of Emmanuel and Camille's earned income credit:
$_______
Exhibit 13.3 Child and Dependent Care Credit Computations Adjusted Gross Income Applicable Over But Not Over $15,000 0 15,000...
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