Question

Mildred has two children, Aaron and Irving, who are qualifying persons for the Child and Dependent...

Mildred has two children, Aaron and Irving, who are qualifying persons for the Child and Dependent Care Credit. Aaron has $4,000 in dependent care expenses, and Irving has none. All other tests are met. Mildred's credit is based on __________ of expenses. A) $2,000 B)$3,000 C)$4,000 D)$6,000

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Nicholas has two qualifying children for the Child and Dependent Care Credit, Brenda (6), and Frank...
Nicholas has two qualifying children for the Child and Dependent Care Credit, Brenda (6), and Frank (9). Nicholas paid $3,000 for Brenda's care, but Frank stayed at a friend's house, so there were no expenses for him. Assuming all other tests are met, how much expense can Nicholas use to calculate his credit? A) $2,000 B) $3,000 C) $4,000 D) $6,000
For purposes of claiming the Earned Income Credit, a qualifying child could be any of the...
For purposes of claiming the Earned Income Credit, a qualifying child could be any of the following except A. Your 20-year-old unemployed child. B. Your child who is less than 19 years old. C. Your 22-year-old grandson who is a full-time student. D. Your 40-year-old permanently disabled stepson. All of the following qualify as work-related expenses for computing the child and dependent care credit except A. The parent-employer’s portion of Social Security tax paid on wages for a person to...
15. Jessica and Robert have two young children. They have $7,000 of qualified child care expenses...
15. Jessica and Robert have two young children. They have $7,000 of qualified child care expenses and an AGI of $22,000 in 2019. What is their allowable child and dependent care credit considering their pre-credit tax liability? a.$0 b.$2,000 c.$7,000 d.$6,000 e.$1,860
1. The child tax credit for a married couple with two dependent children (ages 6 and...
1. The child tax credit for a married couple with two dependent children (ages 6 and 9) and AGI of $121,600 is: $0. $600. $1,400. $4,000. none of the above. 2. A married couple files a joint return. During 2018 they pay college tuition and fees for their two dependent children. The couple has calculated their American opportunity credit to be $2,300. If the couple's AGI is $112,000, and other tax credits have brought their tax liability down to $0,...
Rachel is Emma’s friend. Rachel provides child care for Emma's two dependent children, ages 4 and...
Rachel is Emma’s friend. Rachel provides child care for Emma's two dependent children, ages 4 and 7, during the day so Emma can go to work. During 2020, Emma paid Rachel $8,000 to care for her two children. What is the amount of Emma's child and dependent care tax credit in 2020 if her adjusted gross income for the year was $42,000, consisting of $38,000 of wages and $4,000 of interest income?
Omer, single, age 35, has one dependent (Maria, a qualifying child, age 7) that lived with...
Omer, single, age 35, has one dependent (Maria, a qualifying child, age 7) that lived with Omer for all of 2020. Omer paid all costs of maintaining the household for himself and Maria. Omer’s sister, Zelda, also lived with Omer for all of 2020. Zelda had no income, and Omer provided all of her support. In 2020, Omer had the following income items: Salary: $75,000 Interest on savings account (investment income): $2,500 Ordinary dividends (investment income; not qualified dividends): $1,500...
Leroy and Jenny (Married Filing Jointly) have two children ages 10 and 8 at home. In...
Leroy and Jenny (Married Filing Jointly) have two children ages 10 and 8 at home. In 2018 they paid $10,000 in daycare to their oldest daughter (21 years of age...and she is no longer claimed as a dependent by Leroy and Jenny). She has cared for their children for the last two years as part of a certified day care that she started (she cares for 12 other children as well...the business has been successful). Placing the children in daycare...
Benjamin is divorced with two healthy dependent children, one age 13 and the other age 8....
Benjamin is divorced with two healthy dependent children, one age 13 and the other age 8. His Earned Income and AGI for the tax year us $30,000, and he incurs qualified chidlcare expenses of $6500, $3250 for each child. Calculate the amount if Benjamin's child and dependent care credit fir the tax year.
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000...
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 – 29,000 28% 29,000 – 31,000 27% 31,000 – 33,000...
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying...
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane's wages are $18,900 and she receives dividend income of $900. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $8,650 $15,570   $14,450   $21,370   1 19,030 41,094 24,820 46,884 2 19,030 46,703 24,820 52,493 3 or more 19,030 50,162...