Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tim and martha paid $8,100 in qualified employment

Tim and Martha paid $8,100 in qualified employment-related expenses for their three young...

70.2K

Verified Solution

Question

Accounting

Tim and Martha paid $8,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $56,600 of AGl earned equally. Use Child and Dependent Care Credit AGI schedule.
Required:
a. What amount of child and dependent care credit can they claim on their Form 1040?
b. How would your answer differ (if at all) if the couple had AGI of $36,900 that was earned entirely by Martha?
\table[[,Amounts],[a. Child and dependent care tax credit,],[b. Child and dependent care tax credit,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Name any two parts of the compound light microscope and their specific functions.

Biology
Q

What is the percent water by weight of lithium perchlorate trihydrate?

Chemistry
Q

AM -vs- PM Test Scores: In my AM section of statistics there are 22 students. The...

Basic Math
Q

During an exam, Rihanna must demonstrate her understanding of fluid friction forces. She is asked...

Physics
Q

17 A charge Q is uniformly distributed over the surface of two concentric conducting spheres...

Physics
Q

This table shows the amount of commission earned for a broker receiving 2 5 commission...

Geometry
Q

Solve 12 cos (w) - 10 cos(w) + 2 = 0 for all solutions 0...

Calculus
Q

Question 5 beginning March 1 purchase March 5 sale March 7 purchase March 10 units...

Accounting
Q

On January 1,2020, Bobs Meat Market leased some equipment from another company. The lease contract...

Accounting
Q

A Swiss business just completed transactions in America and England. It is now holding $150,000...

Finance
Q

Birch manufacturing is considering the addition of another product line to its offerings. Equipment needed...

Accounting
Q

How to determine a firm's overall cost of capital? Briefly explain its pitfalls.

Finance