Answered: Adrienne is a single mother with a… | bartleby

Income Tax Fundamentals 2020

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 4MCQ

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Question

Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,350 in child care
expenses so that she would be able to work. Of this amount, $660 was paid to Adrienne's mother, whom Adrienne cannot claim as a
dependent. Adrienne had net earnings of $1,700 from her jewelry business. In addition, she received child support payments of
$20,700 from her ex-husband. Use Child and Dependent Care Credit AGI schedule.
Required:
What amount, if any, of child and dependent care credit can Adrienne claim?
Child and dependent care tax credit

Tim and Martha paid $9,600 in qualified employment-related expenses for their three young children who live with them in their
household. Martha received $1,400 of dependent care assistance from her employer, which was properly excluded from gross income.
The couple had $57,350 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule.
Required:
a. What amount of child and dependent care credit can they claim on their Form 1040?
b. How would your answer differ (if at all) if the couple had AGI of $39,900 that was earned entirely by Martha?
a. Child and dependent care tax credit
b. Child and dependent care tax credit
Amounts

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Tim and Martha paid $8,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $56,600 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $36,900 that was earned entirely by Martha? a. Child and dependent care tax credit b. Child and dependent care tax credit Amounts
Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,100 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $38,900 that was earned entirely by Martha?
Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,100 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Mc Graw Hill Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $38,500 that was earned entirely by Martha? 2 ა Answer is complete but not entirely correct. a. Child and dependent care tax credit b. Child and dependent care tax credit F2 3 11 20 F3 4 I F6 7 e F7 DII F8 8 9 HA ! D F9
For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.
46. Tim and Martha paid $7,900 in qualified employment-related expenses for their thra:young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income.The couple had S57.000 of AGI earned equally. What amount of child and dependent catcredit can they claim on their Form 1040? How would your answer differ (if at all) if thecouple had AGI of $3€,000 that was earned entirely by Martha?
Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?
What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim for the basis of the Form 2441 credit for dependent care for TY2023? a. $6,000 b. $5,000 c. $3,000 d. There is no limit to the expenses
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care credit
A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except: Multiple Choice A dependent under the age of 13. An adult child who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year. A dependent child, age of 17 who attends school full time. A spouse who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year.
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. b, The custodial and noncustodial parent both provide $1,500 of support for the child. c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. d, All of the above.

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