Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A. Calculate the total child tax credit and other dependent credit for the following taxpayers. Please show work. 1) Ninfa is a single mother with

A. Calculate the total child tax credit and other dependent credit for the following taxpayers. Please show work.

1) Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI.

2) Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.

3) Carol is single and has one dependent 18-year-old son and $21,000 of AGI.

B. Clark maintains a household for himself and his two dependent preschool children and files as head of household. For the year ended December 31, 2018, Clark earned a salary of $62,000. He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. He had no other income or expenses during 2018. His tax liability before any credits is $5,011. How much can Clark claim as a child and dependent care credit, child tax credit, and additional child tax credit in 2018? Please show work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Concepts And Applications For Managerial Decision Making

Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg

2nd Edition

0070103100, 978-0070103108

More Books

Students also viewed these Accounting questions

Question

What would you do if the bullies and victim were girls?

Answered: 1 week ago