Tim and Martha paid $8,100 in qualifie
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- Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,100 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $38,900 that was earned entirely by Martha?Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,100 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Mc Graw Hill 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 $38,500 that was earned entirely by Martha? 2 ა Answer is complete but not entirely correct. a. Child and dependent care tax credit b. Child and dependent care tax credit F2 3 11 20 F3 4 I F6 7 e F7 DII F8 8 9 HA ! D F946. Tim and Martha paid $7,900 in qualified employment-related expenses for their thra:young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income.The couple had S57.000 of AGI earned equally. What amount of child and dependent catcredit can they claim on their Form 1040? How would your answer differ (if at all) if thecouple had AGI of $3€,000 that was earned entirely by Martha?
- What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim for the basis of the Form 2441 credit for dependent care for TY2023? a. $6,000 b. $5,000 c. $3,000 d. There is no limit to the expensesFor purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.58. Determine the amount of the Earned Income Credit in each of the following cases.Assume that the person or persons are eligible to take the credit. Calculate the credit usingthe formulas.a. A single person with earned income of $7.554 and no qualifying children.b. A single person with earned income of S27.500 and two qualifying children.c. A married couple filing jointly with earned income of $34,190 and one qualifying child.
- Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. b, The custodial and noncustodial parent both provide $1,500 of support for the child. c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. d, All of the above.A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except: Multiple Choice A dependent under the age of 13. An adult child who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year. A dependent child, age of 17 who attends school full time. A spouse who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year.
- 16. Max and Alexandra are married and incur $5,500 of qualifying expenses to care fo their two children, ages 2 and 5. Max's earned income is $35,000 and Alexandra's earnings from a part-time job are $6,000. What is the amount of the qualifying expense for purposes of computing the child and deperident care credit? A) $3,000 B) $5,000 C) $5,500 D) $6,000Which of the following items would be included in the gross income of the recipient? Insurance payments for medical care of a dependent child Insurance payments for loss of the taxpayer's sight Season tickets worth $2,000 given to a son by his father Payments to a student for working at the student union food court Lodging provided to a worker on a remote oil rigDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.