Problem 9-46 (LO 9-1)Tim and Martha paid $9,400 in qualified employment-related expenses for their three young children who live with them in theirhousehold. Martha received $1,600 of dependent care assistance from her employer, which was properly excluded from gross income.The couple had $57,250 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 $39,500 that was earned entirely by Martha?a. Child and dependent care tax creditb. Child and dependent care tax creditAmounts$$1,5600

The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…

Answered: Problem 9-46 (LO 9-1) Tim and Martha…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 12-31 (LO. 4) Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 in 2020). Paul and Karen have two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside Day Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11- 2345678), to care for their children while they are working. Click to view Applicable Rate of Credit based on Adjusted Gross Income. a. Assuming that Paul and Karen file a joint return, what, if any, is their tax credit for child and dependent care expenses? b. Complete Form 2441 for Paul and Karen; their AGI is $53,750, and their tax liability before any available child care credit is $2,825. Neither Paul nor Karen received any child care benefits from their employers. Enter amounts as positive numbers. Form 2441 OMB No. Child and Dependent Care Expenses 1545-0074 Department of> Attach to Form 1040, 1040-SR, or the…
Information provided for Alexis • Alexis has been certified as impaired by a medical doctor and requires indefinite care from Johnny and Moira She received $5,000 from social assistance • She has a part time job and made $6,000. El of $95, CPP of $270, enhanced CPP of $30 and federal income taxes of $900 were deducted from her pay • • She took a couple courses at Brock University on a part time basis and Moira and Johnny paid the tuition fees which totalled $2,000 • She incurred $7,500 in medical expenses for physiotherapy and registered massage therapy REQUIRED: Calculate Alexis's federal and provincial income tax owing
B4.
6. In relation to the Income of Minors, which of the following is a prescribed person under ITAA36 Div. 6AA:Select one:a. Lulu who is permanently disabled and aged 16b. Carl who is married and is 17 years oldc. Nine-year-old Lucy whose parents are entitled to a carer allowanced. Ten-year-old Franke whose guardians are entitled to a double orphan pension
Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of her annual premium for basic health insurance, and 35% for dental and vision insurance. Iif the health insurance premium is $11.540, and the vision and dental are together $1.230 annually. What is the total amount Wanda pays for insurance each year? Select one O a $8,362 Ob. 57,146.50 c. $8.300,50 d. $7,200
Tax Drill-Credit for Child and Dependent Care 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 $28,000 and incurred $9,100 of child care expenses. Click here to access the percentage chart to us for this problem. Ivanna and Sergio's credit for child and dependent care expenses is s 4
CENU COC Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200 for their eligible work-related expenses. Marty's W-2 shows $56,720 in wages box 1. Dee was a full-time student for 10 months. The dollar limit for their work-related childcare expenses is. Select one: O a $2,500 b. $3,000 c. $5,200 d. $8,000 - e. None of these 4 ~nd bör danskt- Pinde ---- to non Powered by TOPY 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities
Required information Problem 6-66 (LO 6-1) (Algo) [The following information applies to the questions displayed below.] This year Diane intends to file a married-joint return. Diane received $192,100 of salary and paid $8,600 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $4,550 and $30,600 of alimony to her ex-spouse, Jack, who she divorced in 2013. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Problem 6-66 Part-b (Algo) b. Suppose that Diane also reported income of $10,900 from a half share of profits from a partnership. Disregard any potential self- employment taxes on this income. What AGI would Diane report under these circumstances? X Answer is complete but not entirely correct. $ 159,000 X Diane's AGI
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