Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in
Question:
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $20,200 and she takes the standard deduction, calculate Clarita’s earned income credit and child and dependent care credit for 2020.
$____________
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Claritas taxable income is only 1550 20200 18650 Her precredit tax liabilit...View the full answer
Answered By
Irfan Ali
I have a first class Accounting and Finance degree from a top university in the World. With 5+ years experience which spans mainly from the not for profit sector, I also have vast experience in preparing a full set of accounts for start-ups and small and medium-sized businesses. My name is Irfan Ali and I am seeking a wide range of opportunities ranging from bookkeeping, tax planning, business analysis, Content Writing, Statistic, Research Writing, financial accounting, and reporting.
4.70+
249+ Reviews
530+ Question Solved
Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
Question Posted:
Students also viewed these Business questions
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 ($1,500 for each child) in qualified child care expenses during the year. Her adjusted gross income and...
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
-
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: a. Accounts receivable at the beginning of the year are $310. Litzenberger has a 45-day collection...
-
Multiple Choice Questions 1. When there are at least two values for a parameter and it is possible to estimate the chance that each may occur, this situation is known as: (a) Uncertainty (b) Risk (c)...
-
Decisions can depend on how choices are presented, or framed. Evidence includes the differences in behavior for opt-in vs. opt-out procedures, the results of Slovics experiment involving decisions...
-
What is the role of the International Monetary Fund (IMF) and who funds its operations? LO.1
-
Sydney Garner is considering building a 300- seat amphitheater in a popular park. After studying the market, Sydney has drawn the following conclusions: There will be one show every night during...
-
On June 1, 2019, Oriole Company sold $3,480,000 in long-term bonds for $3,052,300. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay...
-
It's mid-December and Marie is finalizing her divorce. Generally, she and her soon to be ex-spouse have been amicable, and Marie is looking forward to being single. The divorce attorneys will be...
-
Jeanie acquires an apartment building in 2009 for $280,000 and sells it for $480,000 in 2020. At the time of sale there is $60,000 of accumulated straight-line depreciation on the apartment building....
-
Jane graduates from high school in June 2020. In the fall, she enrolls for twelve units at Big State University. Big State University considers students who take twelve or more units to be full-time....
-
Identify and explain the four special journals discussed in the chapter. List an advantage of using each of these journals rather than using only a general journal.
-
4. (7%) Problem 4: Consider a 570 nm light falling on a single slit of width 1.1 m. Randomized Variables =570 nm w=1.1 um Forbes, David david.forbes@doane.edu @theexpertta.com - tracking id:...
-
(b) The following results are obtained in a double-slit experiment using light from a helium-neon gas laser: Width of 15 fringes = 3.0 cm Separation of slits = 1.5 mm Slit-to-screen distance = 2.5 m...
-
Read the mini-case, Ben and Jerry's Corporate Activism, and answer the following question: What are the pros and cons of Ben and Jerry's political activism when compared to other corporate political...
-
TOPIC : PROBLEMATIZATION - SECOND CURVE THINKING 1. What is second curve thinking?( a More in depth explanation ) 2. What are the implicit assumptions of second curve thinking? ( a More in depth...
-
I think the Power Distance measure in Hofstede's model (Hofstede Insights, n.d.) is particularly interesting.I led divisions in the U.S., New Zealand, and Thailand.Those three countries represented a...
-
Distinguish between a dividend discount model and a price-earnings model?
-
In Problems 718, write the augmented matrix of the given system of equations. f0.01x0.03y = 0.06 [0.13x + 0.10y = 0.20
-
Abbe, age 56, is married and has two dependent children over age 17. Abbe has one job, and her husband, age 58, is not employed. If she expects to earn wages of $50,000, how many allowances should...
-
Michele is single with no dependents and earns $23,000 this year. Michele claims sixteen allowances on her Form W-4 for 2016. Which of the following is correct concerning her Form W-4? a. Michele may...
-
Michele is single with no dependents and earns $23,000 this year. Michele claims sixteen allowances on her Form W-4 for 2016. Which of the following is correct concerning her Form W-4? a. Michele may...
-
7 . 4 3 Buy - side vs . sell - side analysts' earnings forecasts. Refer to the Financial Analysts Journal ( July / August 2 0 0 8 ) study of earnings forecasts of buy - side and sell - side analysts,...
-
Bond P is a premium bond with a coupon of 8.6 percent , a YTM of 7.35 percent, and 15 years to maturity. Bond D is a discount bond with a coupon of 8.6 percent, a YTM of 10.35 percent, and also 15...
-
QUESTION 2 (25 MARKS) The draft financial statements of Sirius Bhd, Vega Bhd, Rigel Bhd and Capella for the year ended 31 December 2018 are as follows: Statement of Profit or Loss for the year ended...
Study smarter with the SolutionInn App