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Help is appreciated. thanks QUESTION 3 (4.0 points) Michael and Abby are married and have three children (ages 2. 4, and 6). They paid Thompson
Help is appreciated. thanks
QUESTION 3 (4.0 points) Michael and Abby are married and have three children (ages 2. 4, and 6). They paid Thompson Day Care Center $3,500 per child during the year to care for their children while they were both at work. Their only income for the year is Michael's salary of $60,000 and Abby's salary of $80,000. Assuming the correct credit percentage is 25%, Michael and Abby's child and dependent care credit is: $1.500 $1,750. $2.250. $2.625 none of the above. QUESTION 4 (2.0 points) Alan, single, gave his nephew, Dwayne, a car that had a fair market value of $32,000 when Dwayne graduated from college this year. Alan purchased the car last year for 540,000. What is the net amount on which Alan will be assessed a gift tax this year Ugnore the unified tax credit)? (Note: The net amount on which Alan will be assessed a gift tax is the tax base he will use to determine the amount of gift tax he owes.) $17.000 $25,000 $32,000 $40,000 None of the aboveStep by Step Solution
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