Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $48,300 and incurred $9,125 of child care expenses. Determine Ivanna and Sergio's child and dependent care credit. $_________

Shen and Sondra Xiang are 37 years old and have one daughter, age 5. Shen is the primary earner, making $87,000 per year. Sondra does not currently work. The Xiangs have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Sondra and their daughter in the event of Shen’s death. Shen and Sondra estimate that while their daughter is still living at home, monthly living expenses for Sondra and their child will be about $3,700 (in current dollars). After their daughter leaves for college in 13 years, Sondra will need a monthly income of $3,100 until she retires at age 65. The Xiangs estimate Sondra’s living expenses after 65 will only be $2,700 a month. The life expectancy of a woman Sondra’s age is 87 years, so the Xiang family calculates that Sondra will spend about 22 years in retirement. Using this information, complete the first portion of the needs analysis worksheet to estimate their total living expenses. Life Insurance…

Kyle (44) and Elise (39) Terry have four children. Kyle works for Lockheed Martin as a flight engineer and Elise is a freelance writer/editor. Their family is covered by a qualified High Deductible Health Insurance Plan. Kyle's gross pay is $120,000 nd Elise's net earnings from self-employment is $75,000. Their children are Jacob(16), Katie(14), Rachael(12), and Luke(10). For the current tax year, Kyle and Elise prepared for retirement. Kyle's plan is a profit sharing plan and Elise utilizes a SEP IRA. Kyle's employer contributes 14% of his gross pay to the profit sharing plan. Kyle pays the health insurance premiums through his employer's cafeteria plan, his portion of the health insurance premiums are $7,000 per year. Kyle also incurred the following expenses during the year: $1,900 in student loan interest, $4,000 contribution to Utah's 529 plan ($1,000 for each child, kyle lives in Georgia); State income taxes of $12,000; property taxes of $4,000; mortgage interest of $10,000; and…

Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0.   1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit.   Wade is eligible to claim the Other Dependent Credit.   Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…

Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $52,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600. 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% 31,000 33,000 26% '33,000 35,000 25% 35,000 37,000 24% 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 21% 43,000 No limit 20% What is their 2022 child and dependent care credit? 9,000 x

Martin and Rachel are married and have a 3-year-old child. Martin is going to medical school full-time for 12 months of the year and Rachel earns $45,000. Their child is in day care so Martin can go to school while Rachel is at work. The cost of their day care is $10,000. What is their child and dependent care credit? Please show your calculations.

Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,250 in child care expenses so that she would be able to work. Of this amount, $620 was paid to Adrienne's mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,500 from her jewelry business. In addition, she received child support payments of $20,500 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. What amount, if any, of child and dependent care credit can Adrienne claim?

Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. Question 25 of 50. What is Wade's correct and most favorable 2019 filing status? O single. Married filing jointly. O Married filing separately. O Head of household. O Qualifying widow(er). O Mark for follow up Question 26 of 50. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. O Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. O Wade is eligible to claim the Other Dependent Credit. O wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the…

Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…

Mary Jane’s father lived with them until his death in November. His only sources of income were salary of $3,800, unemployment compensation benefits of $3,500, and Social Security benefits of $4,100. Of this amount, he deposited $6,000 in a savings account. The remainder of his support of $11,000, which included funeral expenses of $4,500, was provided by John and Mary Jane.   Is Mary Jane's father considered a dependant?