Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Income Tax Credits (LO. 6) Determine the amount of the child- and dependent-care credit to which each of the following taxpayers is entitled. If an

image text in transcribed

Income Tax Credits (LO. 6) Determine the amount of the child- and dependent-care credit to which each of the following taxpayers is entitled. If an amount is zero, enter "O". Round intermediate computations and final answer to the nearest dollar. Note: Round your percentage computations up to the next whole number before using in credit dollar amount computations. a. 362 X Caryle and Philip are married and have a 4-year-old daughter. Their adjusted gross income is $47,800, and they pay $2,100 in qualified child-care expenses during the year. Caryle earns $17,200, and Philip earns $30,600 in salary. b. $ 990 Natalie is a single parent with an 8-year-old son. Her adjusted gross income is $35,000, and she pays $3,190 in qualified child-care expenses. 1,200 Leanne and Ross are married and have three children, ages 6, 4, and 1. Their adjusted gross income is $75,900, and they pay $6,720 in qualified child-care expenses during the year. Leanne earns $46,500, and Ross earns $29,400 in salary. d. 1,362 x Malcolm and Mirella are married and have two children. Mirella earns $59,000, and Malcolm has a part-time job from which he earns $4,690 during the year. They pay $5,600 in qualified child-care expenses during the year. e. $ 0 Andrew is a single parent with a 14-year-old son. Because he does not arrive home from work until 7 p.m., Andrew has hired someone to take care of his son after school and cook him supper. Andrew's adjusted gross income is $48,900, and he pays $3,240 in child-care expenses. f. 600 Andrew is a single parent with a 12-year-old son. Because he does not arrive home from work until 7 p.m., Andrew has hired someone to take care of his son after school and cook him supper. Andrew's adjusted gross income is $48,900, and he pays $3,240 in child-care expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comprehensive Assurance & Systems Tool

Authors: Laura R. Ingraham, Greg Jenkins

4th Edition

0134790472, 9780134790473

More Books

Students also viewed these Accounting questions

Question

What are the pros and cons when 2 major restaurant chains merge?

Answered: 1 week ago