g and her spouse are both employees and salaries are their sole source of income. in the current year g's employment income was 99,000$ and her spouse was 102,000. they have two children ages 4 and 9. child care expenses for the year include the following: day care fees of 11,000 for the 4 year old after school day care fees of 4200 for the 9 year old. what is the maxium amount that can be deducted from g's income for tax purposes in the current year

Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,000. Ryan is self- employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. a. Diana earned a $96,000 salary for the year. b. Diana borrowed $12,000 from Dl to purchase a car. DI charged her 2 percent interest ($240) on the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan. c. Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse. They divorced in 2016. d. Ryan won a $900 cash prize at his church-sponsored Bingo game. e. The Workmans received $500 of interest from corporate bonds and $250 of…

Sue, aged 48 and Paul, aged 49 have two daughters- Leena aged 17 and Reena aged 15. Sue works as a part-time teacher in a secondary school and earns a $26,000 p.a. salary (plus minimum superannuation guarantee contribution).Paul works as a dentist and earns $145,000 (plus minimum superannuation guarantee contribution). Paul is anxious about their post-retirement financial situation. The couple has approached you for financial advice in respect of reducing the tax payable and their retirement planning. Superannuation Sue    (20% Tax Free) 270,000   Sue’s Superannuation asset allocation   Investment   Asset Allocation   Performance p.a. after tax   Australian Share   50%   4%   Cash & Fixed Interest   15%   1.4%   International Shares   30%   10.80%   Property   5%   3.10% Calculate the expected return for Sue’s superannuation portfolio using the return for the year ended 2022. Explain to Sue why her superannuation…

Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support:   Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350   What amount can Ned include in his itemized deductions?