Homework Answers
Child and dependent care credit requires care for a dependent child under 13 years or a disabled dependent.
The answer is Salary for a nanny who washes dishes in addition to caring for a qualified individual.
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Which of the following is NOT an eligible expense for the Child and Dependent Care Credit?...
The eligible dependent credit is ______________. A. only available for single parents living with and supporting...
The eligible dependent credit is ______________. A. only available for single parents living with and supporting a child under the age of 18 B. equal to 15% of the wholly dependent person's income C. most commonly claimed by single parents supporting a minor child who lives with them D. available to all individual taxpayers supporting a wholly dependent person who lives with them
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child...
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child who is not incapacitated must be under age 13. 1) True 2) False
Question 1 (1 point) For purposes of the child and dependent care credit, only the custodial...
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
Problem 7-14 (Algorithmic) Child and Dependent Care Credit (LO 7.3) Marty and Jean are married and...
Problem 7-14 (Algorithmic) Child and Dependent Care Credit (LO 7.3) Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 10 months of the year, and Marty earns $54,700. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35%...
Problem 7-13 Child and Dependent Care Credit (LO 7.3) Martha has a 3-year-old child and pays...
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%...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
Marion has an 11-year-old daughter. Please calculate her child and dependent care credit prior to any...
Marion has an 11-year-old daughter. Please calculate her child and dependent care credit prior to any tax liability limitation under these two alternatives: a. Marion pays $4,000 a year in day care costs. Her salary is $32,000. b. Marion pays $8,000 a year in day care costs. Her salary is $80,000.
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%...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
4) Which of the following statements is not true with regard to the child and dependent...
4) Which of the following statements is not true with regard to the child and dependent care expense credit? A) The maximum amount of expenses for one dependent is $3,000. B) Married taxpayers must file joint returns. C) A non-working spouse attending school full-time is deemed to have earned income of $250 D) The maximum amount of expenses for two or more dependents is $6,000.
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child who is not incapacitated must be under age 13. 1) True 2) False
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
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
4) Which of the following statements is not true with regard to the child and dependent care expense credit? A) The maximum amount of expenses for one dependent is $3,000. B) Married taxpayers must file joint returns. C) A non-working spouse attending school full-time is deemed to have earned income of $250 D) The maximum amount of expenses for two or more dependents is $6,000.
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