Question
Fern and Fred Franklin file married joint. They have a 4-year-old daughter, Flower. They paid $10,000, to Kiddie Playschool to watch Flower while they worked.
Fern and Fred Franklin file married joint. They have a 4-year-old daughter, Flower. They paid $10,000, to Kiddie Playschool to watch Flower while they worked. The Franklins did not receive advance payments of the Child Tax Credit. Use the 20% rate to calculate the child and dependent care credit.
2021 Information:
Salary Fern $70,000 Salary Fred $80,000 Long-term capital gain income $10,000 Sole proprietorship income $20,000 Contribution to Health Savings Account $2,000 State taxes paid $15,000 Medical expenses$10,000 Mortgage interest $20,000, the $400,000 mortgage was signed in 2014. Contribution to the American Heart Association $5,000 Tax Payments: Withholdings $10,000 Estimated- Quarterly Payments $5,000 Overpayment from 2020, $1,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started