Use excel to solve this problem Both Mr. Byrd and Mrs. Byrd are...
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Use excel to solve this problem
Both Mr. Byrd and Mrs. Byrd are employed. During 2019, Mr. Byrd had opened a restaurant and had business income of \$12000. Mr. Byrd also had net employment income of \$52000, after deducting \$10100 of employment deductions. He also had $7,000 of interest income. Ms. Byrd had gross employment income of $84000, which included taxable benefits of $12,000. She also had $8000 of dividend income. Since they both had to work long hours, they had to pay for care of their children. They have four children: Clarence (15 years old and eligible for the disability tax credit), Ida (12 years old), Gary (5 years old), and Pearson (2 years old). Payments for childcare during the year amounted to $550 per week for 52 weeks of the year. Additionally, they sent Clarence and Ida to overnight summer camp for 3 weeks each, and paid $5000 total for this camp. Also during the current year, there was a period of 10 weeks during which Mr. Byrd was hospitalized due to injuries suffered during a hockey game. Required: Determine the maximum amount that can be deducted by Mr. and Mrs. Byrd for the year ending December 31, 2019 for child care expenses. Final answers to each step should be filled in the yellow boxes on the "P1-Response" tab. Show any extra work or notes in the green space provided on the "P1-Response" tab
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To solve the problem regarding the maximum amount that Mr and Mrs Byrd can deduct for child care expenses for the year ending December 31 2019 we can break it down into manageable steps Heres how to approach it using Excel Step 1 Calculate Total Child Care Expenses 1 Weekly Child Care Cost 550 2 Number of Weeks 52 3 Total Child Care Cost textTotal Child Care Cost 550 times 52 4 Summer Camp Cost 5000 for Clarence and Ida 5 Total Child Care Expenses
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