Julle pald a day care center to watch ner two-year-old son wnile sne wOrked as a computer program up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 ............ a. Julie paid $2,260 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit
Q: Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 11…
A: A tax is a compulsory contribution or financial charge levied by the government on the income earned…
Q: Linda and Barry, a married couple has the following information for this year: • Linda's Earned and…
A: As per IRS rules, the maximum deduction per child for a qualified expense is limited to 3,000 and…
Q: live’s daughter Polly suffers from a rare illness. During the current year, Olive drove Polly to see…
A: Medical expenses deduction is those deductions which help in take some amount of reimbursement of…
Q: Gloria Black was new employee to ABC Business, she is a single parent living with her 17-year-old…
A:
Q: Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City…
A: Concept used: No allocation of airfare for trips within the US. Business portion of meals is…
Q: Peter operates a dental office in his home. The office occupies 250 square feet of his residence,…
A: Total expenses for a particular time are the sum of all gross cash expenditures plus any pending…
Q: This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a…
A: The Internal Revenue Service [IRS] is the taxation authority in the USA. As per…
Q: Rhonda Brennan found her first job after graduating from college through the classifieds of the…
A: Solution Working Note- Total gross pay. 80 *$16.20 1296 Less - Tax deduction /…
Q: Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive…
A: Tax-free Fringe Benefits There are some tax- free fringe benefits which are excluded from gross…
Q: Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy…
A: As per IRS, expenses paid during the year less reimbursed portion by employer or insurance company…
Q: Gail is a single elementary school teacher. She buys the following items for use in her classroom in…
A: Construction paper and tissues $45 Materials for decorating the classroom bulletin boards $200…
Q: The following information applies to the questions displayed below.] ulie paid a day care center to…
A: Child and Dependant Care Credit : It is the relief given by the Government to the taxpayer who spent…
Q: Lola Tini, 63 years old, was treated by her grandchildren Alden, Allen, and Ellen to Max's…
A: As per the provision given in Republic Act No 9994, Expanded Senior Citizens Act of 2010 or the…
Q: Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City…
A: a. Calculation of Kim's Business Expenses, Presuming no reimbursement Particulars Amount ($)…
Q: PPPeter operates a dental office in his home. The office occupies 250 square feet of his residence,…
A: A business's expenditure is the cost of operations incurred in order to generate revenue. As the old…
Q: What kind of obligation are the following? 1.1. Rosalie agreed to pay her tuition fee in…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: a. Meredith owns a flower shop in Ontario (Assume GST of 5%). Over a 3 month period her revenues…
A: GST Collected = Revenue x GST Rate GST Payment = Purchases x GST Rate GST Remittance = GST…
Q: Compute the Wilsons’ moving expense deduction. Where is this amount reported on their return?
A: Reimbursement :- Any amount that is returned back or provided back by the employer after incurring a…
Q: Sam operates a small chain of pizza outlets in Fort Collins, Colorado. In November of 2021, Sam…
A: Introduction:- The following basic information as follows under:- Sam operating a small chain of…
Q: Which of the following is a fringe benefit excluded from income? a.Quickchat Inc. gives each…
A: fringe benefits can be insurance, vacation pay, pension plans.
Q: Sarah purchases a health insurance plan. The annual premium is $7,000. The plan has the following…
A: Answer $4,000 deductible, sarah would pay the first $4,000 of his healthcare expenses during the…
Q: Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City…
A: a. The total deduction for K presuming for no reimbursement is calculated below: Airfare (full)…
Q: Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the…
A: Computation is represented as below: Hence, the taxable income of Josue and Laura is $56,817.
Q: pol year. She plans to become a Certified Public hes her degree in accountancy. Silver receive her…
A: Personal Finance Management is a process of handling our Finances in the areas of Spending, Savings…
Q: Ms. Daphnee Rosagas needs 5,500 on August 19, 1991 for her children's school expenses. She plans to…
A: Future Value Required = 5500 Loan Date = August 19,1991 Repayment Date = December 6, 1991 N = Time…
Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…
A: The child and dependent care credit means a non-refundable tax credit which will be offered to the…
Q: aaPeter operates a dental office in his home. The office occupies 250 square feet of his residence,…
A: Allocation of expenses to the home office is based on the proportion of total space and space…
Q: 2. In 2020, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was…
A: Gale and Cathy is eligible to deduct qualifying expenses for a foreign or American Student who,…
Q: Martha has a 3-year-old child and pays $10,000 a year in day care costs. Her salary is $45,000.…
A: Qualified person for Child and department care credit can be either of these: Any child who is your…
Q: Rhonda Brennan found her first job after graduating from college through the classifieds of the…
A: Payroll is the total of all compensation a business must pay to its employees for a set period of…
Q: A parent on the day the child is born wishes to determine what lump sum would have to be paid into…
A: Annuity refers to the fixed periodic payments which are paid monthly, quarterly, semi-annually or…
Q: Ms. J has a 6 year old son and a 5 year old daughter. J pays $8000 a year as a day care cost. Her…
A: An individual is qualified for a deduction in income tax calculation for any expenses paid towards…
Q: Need help with these 2 questions 6- if Jocelyns annual earnings are $72600, what is her rounded…
A: Part 6: Annual earnings = $72600 Months in a year = 12 months
Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…
A: Solution:- Calculation of child and dependent care credit as follows:- Basic information:- Dependent…
Q: Tax Drill - Credit for Child and Dependent Care Ivanna, who has three children under age 13, worked…
A: Dependent care expenses: Dependents are usually young children, old or disabled family members. The…
Q: Chris opens a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of…
A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…
Q: The Telegraph (Nashau, NH) on December 6, 2006, described the living wage needed in New Hampshir.…
A: Jessica Works 40 hours a week Earnings per hour=$13 Social Security tax 6.2% Medicare Tax 1.4%…
Q: Kemiah has the following insurance information from her employer: Premium: $200/month Deductible:…
A: Insurance deductible is the amount that you are responsible for payment towards medical expense out…
Q: Veronica mows lawns during the summer. In 2021 she was paid directly by homeowners for her work, in…
A: Business Income: Earnings from the operation of a business could include those obtained through the…
Q: Ndidi has applied for a microfinance loan from a non-profit organization that serves people who do…
A: Monthly installment is $100 which include interest component and Principal Component. Interest to be…
Q: Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of…
A: 45% of insurance premium for basic health insurance and 35% of insurance premium for dental and…
Q: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with…
A: Cash discount: Cash discount is an incentive provided by the selling party to the purchaser for a…
Q: Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her…
A:
Q: Carol Wheeler, age 56, is single. Carol earned wages of $48,000 and was enrolled the entire year in…
A: In accordance with provisions contained in Section 9003 of the Affordable Care Act, only prescribed…
Q: Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki…
A: The discount received exceeding 20% attracts tax liability so the taxable income resulting from…
Q: Steve is the librarian in his city's library. The library provides group disability insurance where…
A: Tax Benefit:-It is a reduction in the tax liability which individual enjoy as per taxation law. It…
Q: Required information [The following information applies to the questions displayed below.) Julle…
A: As per TCJA , the maximum expense allowed as credit is 50% of the expense and the maximum limit of…
Q: Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was…
A: For the Medical Insurance coverage which are incurred with the total deductible amount and…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care creditJulie 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care creditJulie 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
- 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care creditRequired 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care creditJulie 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 2021 in each of the following alternative scenarios? a. Julie paid $2,000 to the day care center and her AGI is $50,000 (all salary). b. Julie paid $10,000 to the day care center and her AGI is $50,000 (all salary). c. Julie paid $4,000 to the day care center and her AGI is $127,000 (all salary). d. Julie paid $2,000 to the day care center and her AGI is $402,000 (all salary). e. Julie paid $4,000 to the day care center and her AGI is $14,000 ($2,000 salary and $12,000 unearned income).
- ! 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 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,460 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit b. Julie paid $6,150 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit c. Julie paid $6,300 to the day care center and her AGI is $125,100 (all salary). Child and dependent care credit d. Julie paid $4,300 to the day care center and her AGI is $400,100 (all salary). Child and dependent care credit e. Julie paid $6,300 to the day care center and her AGI is $14,000 ($4,300 salary and $9,700 unearned income). Child and dependent care creditJulie 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 if she paid $2,020 to the day care center and her AGI is $50,000 (all salary)? Child and dependent care credit = ?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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. d. Julie paid $2,400 to the day care center, and her AGI is $14,300 (all salary). Child and dependent care credit
- 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 cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?! 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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. e. Julie paid $4,400 to the day care center, and her AGI is $14,000 ($2,400 salary and $11,600 unearned income). Child and dependent care credit