Question
Andy and Sally are married and under 50.They have 3 children under 12. They pay Sally's mom $200 a month for the entire year to
Andy and Sally are married and under 50.They have 3 children under 12. They pay Sally's mom $200 a month for the entire year to care for the children.
Sally's salary (Federal withholding $ 800)8,000
Andy's salary (Federal withholding $500)7,000
If they take a standard deduction, compute their taxable income:
Do they qualify for an earned income credit? Why or why not? If so, how much?
Do they qualify for a child care credit? Why or why not?If so, how much?
Do they qualify for a child tax? Why or why not?If so, how much?
Compute their tax -please show your work.
Compute their tax liability or refund:
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Microsoft Excel For Accounting The First Course
Authors: L Murphy Smith, Katherine Smith
1st Edition
0130085529, 978-0130085528
