Martha has a 3-year old child and pays $10,000 a year in day care cost. Her salary is $45,000. How much is her child and dependent care credit?

Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $35,300. How much Social Security and Medicare must he pay (in $) this year? Social Security $ Medicare $

Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Laura is 33 years old and works part-time as an office manager. They have 1 child, Anna 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Laura’s mother cares for Amy at no cost.   Josue’s Gross salary $56,400   Laura’s salary $22,000   Cash gift $5,000   Interest Income from bank acc $100   Federal income tax w/h $2,500   State income tax $3,680   Charitable contributions $6,000   Rent paid $10,000   Made a loan on March 1 in the current year to a friend, who was starting a business.  Principal amount was $10,000 and interest is due on December 31 annually.  The interest rate is 5%. Calculate the amount (Loan was done as part of arm’s length transaction and interest was paid on time) Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for…

Jerrad, age 51, works 15 hours a week at a local fast-food restaurant while he attends a university. He recently learned about the power of compounding, and he opened a traditional IRA this year. If he earned $8,250 in wages this year, what is the most Jerrad could contribute to his traditional IRA? A : $6,500. B : $0. C : $5,500. D : $8,250.

Julie paid a day care to watch her 2 year old son. -she paid $5,900 to the day care and her AGI is $14,000 ($3,900 salary and $10,100 unearned income) what is the child and dependent care credit?

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

Income Profile Adjusted Budget Employment Income Interest/Dividends Other TOTAL INCOME Essential Expenses Mortgage/Rent Utilities Telephone Groceries Child Care Pet Care Clothing Transportation Gas/Fuel Insurance Health club dues Life Insurance Medicine Veterinarian Savings Non-Essential Expenses Entertainment Dining Out Vacation Subscriptions Other TOTAL Expenses Surplus/Shortage

Suppose Gretchen's health insurance has a $500 annual deductible. Gretchen is responsible for 20 percent co-pay when she meets her deductible. If Gretchen has $800 in medical expenses this year, how much must she pay?

1. Mary and Sue both work for WAWA. They both make $50,000 and they also each have $1000 a year in health care expenses. Mary deposits $1000 a year into a dependent care flexible spending account while Sue does not. They both have a tax rate of 15%. How much does Mary save vs. Sue in a given year?

Bob owns a restaurant. The average price per order is $15 and the average variable cost per order is $9. The restaurant remains open 6 days a week for 50 weeks per year. The rent, utilities and other related expenses are $8,000 per month. Bob pays $3,000 per month to his only employee in the restaurant. Bob also spends $12,000 every year for renovation and maintenance. If Bob wants to earn a before tax profit of $8,000 per month, what should be the daily sales (in dollars) in the restaurant?