Kylie is a single mom with two dependent children, Tanner, age 7 and Olivia, age 11....
Kylie is a single mom with two dependent children, Tanner, age 7 and Olivia, age 11. She has AGI of $38,000 and paid $5,300 to qualified day care center for the two children. What amount of credit can Kylie receive for the child and dependent care credit?
Homework Answers
child and dependent care credit = 5300*23% = $1219
Total expenses eligible for child and dependent care credit is upto 3000 for one dependent and 6000 for two or more dependent. here expenses are 5300 and number of qualified dependent are two and thus total expenses of 5300 are eligible for child and dependent care credit. percentage of deduction available is from 20%-35% of qualified expenses and this percentage depends on AGI. full 35% percentage is available to taxpayer with AGI of 15000 and this percentage decreases by 1% with every increase in AGI by 2000 and percentage for child and dependent care credit applicable here is 23% and thus child and dependent care credit = 5300*23%=1219
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Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
5) Kylie is a single mom with two dependent children, Tanner, age 7 and Olivia, age...
5) Kylie is a single mom with two dependent children, Tanner, age 7 and Olivia, age 11. She has AGI of $36,000 and paid $5,300 to a qualified day care center for the two children. What amount of credit can Kylie receive for the child and dependent care credit? A) $5,300. B) $1,060. C) $1,200. D) $1,272.
EA LO 9-123. Jamison is a single dad with two dependent children: Zoey age 7, and...
EA LO 9-123. Jamison is a single dad with two dependent children: Zoey age 7, and Conner, age 3. He has an AGI of $69,000 and paid $4,300 to a qualified day care center for the two children. What amount can Jamison receive for the child and dependent care credit? 695 a. $4,300. b. $1,505. c. $860. d. $430
could you please answer quiestion #1-2 Problem #1 Kobe is a single dad with two dependent...
could you please answer quiestion #1-2
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Problem 7-10 Child and Dependent Care Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 –...
In 2018, Lana, a single taxpayer with AGI of $204,400, claims three dependent children, all under...
In 2018, Lana, a single taxpayer with AGI of $204,400, claims three dependent children, all under age 17. Reference: joint returns: $400,000 single taxpayers: $200,000 married person filing separate returns: $200,000 What is the amount of her child credit?
Arthur is divorced with two dependent children, ages 8 and 13. His adjusted gross income is...
Arthur is divorced with two dependent children, ages 8 and 13. His adjusted gross income is $28,000, in 2018, and he incurs qualified child care expenses of $6,000, $3,000 for each child. a. What is the amount of Arthur's qualified child care expenses after any limitation? b. Calculate the amount of Arthur's child and dependent care credit before any tax liability limitation.
Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children, who live...
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Required information [The following information applies to the questions displayed below.] Julie paid a day care...
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in each of the following alternative scenarios? Exhibit 8-9 e. Julie paid $4,350 to the day care center and her AGI is $14,000 ($2,140 salary and $11,860 unearned income). Child and dependent care credit
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5) Kylie is a single mom with two dependent children, Tanner, age 7 and Olivia, age 11. She has AGI of $36,000 and paid $5,300 to a qualified day care center for the two children. What amount of credit can Kylie receive for the child and dependent care credit? A) $5,300. B) $1,060. C) $1,200. D) $1,272.
EA LO 9-123. Jamison is a single dad with two dependent children: Zoey age 7, and Conner, age 3. He has an AGI of $69,000 and paid $4,300 to a qualified day care center for the two children. What amount can Jamison receive for the child and dependent care credit? 695 a. $4,300. b. $1,505. c. $860. d. $430
could you please answer quiestion #1-2
Problem #1 Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51.000 and paid $6.300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? Problem #2 DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada Nicole is a sophomore. DJ and Nicolette's AGI...
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Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children, who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGl schedule. a. What amount of child and dependent care tax credit can they claim on their Form 1040? b. How would your answer differ (if at all)...
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in each of the following alternative scenarios? Exhibit 8-9 e. Julie paid $4,350 to the day care center and her AGI is $14,000 ($2,140 salary and $11,860 unearned income). Child and dependent care credit
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