Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms. Thunderchild, a single parent, supports her three children, ages 5, 8, and 10, who live with her. Ms. Thunderchild paid the following amounts in

image text in transcribed

Ms. Thunderchild, a single parent, supports her three children, ages 5, 8, and 10, who live with her. Ms. Thunderchild paid the following amounts in respect of care of the children during 2016: Babysitting services _ local independent person during her working days Babysitting during evenings and weekends to enable Ms. Thunderchild to go out $12,000 with friends 1,100 Ms. Thunderchild provides you with her sources of income for tax purposes Employment income $42,000 5,000 3.500 50,500 (4.300) 46,200 2,000 9,600 15,000 7,000 Gross salarv Stock option Low-interest loan benefit Registered pension plan contribution Share of partnership income from a retail store Rental of a basement apartment Support payments received in respect of the children Interest income Required (i)Determine the maximum child-care deduction for Ms. Thunderchild for 2016. Show all parts of the calculation. Explain why you excluded any of the above amounts in your calculation for (i), above. (ii) Ms. Thunderchild, a single parent, supports her three children, ages 5, 8, and 10, who live with her. Ms. Thunderchild paid the following amounts in respect of care of the children during 2016: Babysitting services _ local independent person during her working days Babysitting during evenings and weekends to enable Ms. Thunderchild to go out $12,000 with friends 1,100 Ms. Thunderchild provides you with her sources of income for tax purposes Employment income $42,000 5,000 3.500 50,500 (4.300) 46,200 2,000 9,600 15,000 7,000 Gross salarv Stock option Low-interest loan benefit Registered pension plan contribution Share of partnership income from a retail store Rental of a basement apartment Support payments received in respect of the children Interest income Required (i)Determine the maximum child-care deduction for Ms. Thunderchild for 2016. Show all parts of the calculation. Explain why you excluded any of the above amounts in your calculation for (i), above. (ii)

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

Food And Beverage Cost Control

Authors: Lea R. Dopson, David K. Hayes, Jack E. Miller

4th Edition

0471694177, 978-0471694175

More Books

Students also viewed these Accounting questions

Question

recognize unresolved and critical issues regarding job crafting;

Answered: 1 week ago

Question

=+1. Do you have insurance?

Answered: 1 week ago

Question

=+ 2. Do you have a license and do you have insurance?

Answered: 1 week ago