Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Dec 24, 2020

Lennie and Margo spent $2,800 for child care for their 7-year-old son. Lennies earned income was $41,000, Margos earned income was $24,800, and the AGI

Lennie and Margo spent $2,800 for child care for their 7-year-old son. Lennie’s earned income was $41,000, Margo’s earned income was $24,800, and the AGI on their joint return was $71,200. Calculate their dependent care credit.

A. $0

B. $560

C. $980

D. $2,800

Step by Step Solution

★★★★★

3.47 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

For tax years through 2020 the Dependent Care Credit is 20 to 3... 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

Step: 3

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

Federal Taxation 2016 Comprehensive

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

29th Edition

134104374, 978-0134104379

More Books

Students also viewed these Accounting questions

Question

★★★★★

Calculate the amount of the child and dependent care credit allowed for 2014 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...

Answered: 1 week ago

Question

★★★★★

Calculate the amount of the child and dependent care credit allowed for 2012 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...

Answered: 1 week ago

Question

★★★★★

Calculate the amount of the child and dependent care credit allowed for 2016 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...

Answered: 1 week ago

Question

★★★★★

JD is a 25 year old patient who sustained massive head trauma and neurological injury in a motorcycle accident. He is not brain dead, but after 4 weeks in MICU and several neuro consults, the...

Answered: 1 week ago

Question

★★★★★

Define an experiment wise error rate.

Answered: 1 week ago

Question

★★★★★

The table below shows sales, cost of sales, and inventory data for Aladdin Products Supply Inc., a wholesale distributor of cleaning supplies. All amounts are in thousands. REQUIRED a. Calculate the...

Answered: 1 week ago

Question

★★★★★

Using the Body Fat data set, (a) Fit a simple linear regression model for relating body density (????) to chest circumference (????). (b) Use the residuals to check the regression assumptions. (c)...

Answered: 1 week ago

Question

★★★★★

Roy Mercurio drove his Nissan Altima into a tree in the middle of the night at a speed of approximately thirty-five miles per hour. When the car struck the tree, the passenger compartment collapsed,...

Answered: 1 week ago

Question

★★★★★

You have a portfolio with a beta of 2.43. What will be the new portfolio beta if you keep 20 percent of your money in the old portfolio and 80 percent in a stock with a beta of 2.68? 2.555 2.630 5.11...

Answered: 1 week ago

Question

★★★★★

Microcomp is a U.S.-based manufacturer of personal computers. It is planning to build a new manufacturing and distribution facility in either South Korea, China, Taiwan, the Philippines, or Mexico....

Answered: 1 week ago

Question

★★★★★

Few brands dominate their industry with a more than 50 percent global market share. Gillette has done that for decades. Under its slogan "The Best a Man Can Get," Gillette has long been the...

Answered: 1 week ago

Question

★★★★★

1) An organisation has the following contribution function: Contribution = 5X + 10Y where X = the number of units of product X produced, and Y = the number of units of product Y produced. A graph has...

Answered: 1 week ago

Question

★★★★★

Case Study: If Only I Had Known A few months ago, Maria Turks, manager of client care at Willowpark Retirement Centre, was asked to review a job description for caregiver as 25 people in this job...

Answered: 1 week ago

Question

★★★★★

(LO3, 4, 6) Exercises 4-24 Indirect cost rates and the death spiral Famous Flange Company manufactures a variety of special flanges for numerous customers. Annual capacity-related (manufacturing...

Answered: 1 week ago

Question

★★★★★

Page No. Date (6) On 30 september 2014, Razor's closing inventory was counted and valved at its cast of Tas I million inventory which had cost demaged Some item T2s 210,000 Gad been in a flood Con is...

Answered: 1 week ago

Question

★★★★★

12 SC 301 student is comparing between two stocks to invest in: Stock A and Stock B. owing are the stock returns (in dollars) in the last 10 months (sample). Monthly Returns Stock A Stock B 585 960...

Answered: 1 week ago

Question

★★★★★

Multiple Choice Question 191 The following information is provided for Ivanhoe Company and Sarasota Corp.. What is Ivanhoe's asset turnover ratio (rounded) for 2017

Answered: 1 week ago

Question

★★★★★

Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.4 percent and the risk-free.rate is 3.3 percent. The company is currently considering a project that will cost...

Answered: 1 week ago

Question

★★★★★

Is the principal goal of tax planning to absolutely minimize the amount of taxes that a taxpayer must pay?

Answered: 1 week ago

Question

★★★★★

On March 1, 2015, Sarah entered into a three-year lease of an automobile used exclusively in her business. The automobiles FMV was $58,500 at the inception of the lease. Sarah made ten monthly lease...

Answered: 1 week ago

Question

★★★★★

According to the AICPAs Statements on Standards for Tax Services, what duties does the tax practitioner owe the client?

Answered: 1 week ago

Question

★★★★★

Maynard Appliances is holding a Fifty- Fifty Sale. Major appliances may be purchased for nothing down and no interest to pay if the customer pays 50% of the purchase price in six months and the...

Answered: 1 week ago

Question

★★★★★

For the five-year period ended June 30, 2009, the Desjardins Environment Fund had one of the best performances of all diversified Canadian equity funds. It effectively earned a compound annual return...

Answered: 1 week ago

Question

★★★★★

A loan contract called for a payment after two years of $1500 plus interest (on this $1500 only) at 8% compounded quarterly, and a second payment after four years of $2500 plus interest (on this...

Answered: 1 week ago

Previous Question Next Question