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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 their household. 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 credit b. Child and dependent care tax credit Amounts $ GA $ 1,560 0

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 their household. 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 credit b. Child and dependent care tax credit Amounts $ GA $ 1,560 0

FINANCIAL ACCOUNTING
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 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 their household. 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 credit b. Child and dependent care tax credit Amounts $ $ 1,560 0
Transcribed Image Text: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 their household. 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 credit b. Child and dependent care tax credit Amounts $ $ 1,560 0
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