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Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and
Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and Kelly (4-year-old twins). The Rashevs employed a nanny to look after their children and paid her $15,000 for the year. In addition, during July, Susie went to overnight camp for two weeks at a cost of $250 per week. The Rashevs' family income is summarized below: Meg Salary & taxable benefits Employment expenses [sec. 8] Business income: $46,000 P (2,800) Show all your work. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial James Revenue Expenses Interest income 800 What is the maximum child care deduction that can be claimed by the Rashevs in the year and who can claim it? $50,000 (32,000) 1,500 10pt
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