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Henry and Maria Jones were both employed full-time during the year. The Jones's have 3 children: Gloria (age 12), Billy (5 years old) and Gordo
Henry and Maria Jones were both employed full-time during the year. The Jones's have 3 children: Gloria (age 12), Billy (5 years old) and Gordo (3 years old). The Jones employed a nanny to look after their children and paid her $24,000 for the year. In addition, during August, the 5-year-old went to overnight camp for 3 weeks at a cost of $400 per week. The Jones' family income is summarized below: Mary Sam $ 28,500 (5,800) Salary & taxable benefits .. Employment expenses (sec. 8] Business income: Revenues Expenses deductible for tax purposes Interest income $ 75,000 ..(45,000 $1.800...... 3.500 What is the maximum child care deduction that can be claimed by the Browns in the year? Show all your work to get full marks
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