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Austen and Chelsea are married and have two children. The following are the amounts they incurred in childcare expenses during 2020. Austen earns net business
Austen and Chelsea are married and have two children. The following are the amounts they incurred in childcare expenses during 2020. Austen earns net business income of $26,000 and $2,200 in interest income. Chelsea works full-time as a hair stylist and has net employment income of $59,000. Austen's income would normally be higher, however, he was hospitalized for 6 weeks after a serious car accident. Use the space below to provide your solution and show your work for full marks. Round to the nearest whole dollar for your final answers. Provide your solution using the table below. You can show your work/provide comments in the srovide your solu 2. 2/3 earned income Austen Chelsea 2/3 3. Annual limits"* 1 year old 6 year old "Weekly Limits on overnight camp Child Care Expense Deduction "Weekly Limits on overnight camp and boarding school - $275 disabled / 200 less than 7 years old / $125 between 716 years old] than 7 years old / $5,000 between 7 16 years old] Weekly limits used if higher income spouse may claim some child care or for deducting overnight camps and boarding schools
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