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
David Miller (age 34) and his wife, Emily Miller (age 33),
reside at 293 E. Main...
David Miller (age 34) and his wife, Emily Miller (age 33),
reside at 293 E. Main Street in Sterling, MA, 01564 with their two
children whom they fully support: Catherine (age 13) and Michael
(age 11).
During the year, Emily worked full-time as a customer service
representative at a
local bank and earned $37,600. Her employer withheld the following
from her
wages:
Federal income tax $2,250.00
State income tax 1,124.60
Social security tax 2,331.20
Medicare tax 545.20
ROTH IRA contribution...
Calculate the amount of the child and dependent care credit
allowed for 2017 in each of...
Calculate the amount of the child and dependent care credit
allowed for 2017 in each of the following cases, assuming the
taxpayers had no income other than the stated amounts
. a. William and Carla file a joint tax return. Carla earned
$26,000 during the year, while William attended law school
full-time for 10 months and earned no income. They paid $3,500 for
the care of their 3-year-old child, Carl.
$_____________
b. Raymond and Michele file a joint tax return....
Jon and Kate have 8 children. Their AGI is 200,000 and consists
exclusively of earned income....
Jon and Kate have 8 children. Their AGI is 200,000 and consists
exclusively of earned income. Both Jon and Kate earned $100,000
each. They have $50,000 in childcare expenses If all of their kids
are younger than 13, what is the maximum dependent care credit?
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...
Ivanna, who has three children under age 13, worked full-time
while her spouse, Sergio, attended college...
Ivanna, who has three children under age 13, worked full-time
while her spouse, Sergio, attended college for nine months during
the year. Ivanna earned $44,100, and the couple incurred $8,625 of
child care expenses.
Child and Dependent Care Credit Computations
Adjusted Gross Income
Over
But Not Over
Applicable Rate of Credit
$ 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...
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...
Kevin and Sue have three children, ages 6, 8 and 14. They spend
$8,000 this year...
Kevin and Sue have three children, ages 6, 8 and 14. They spend
$8,000 this year on eligible employment-related expenses for the
care of their children after school. Kevin earned a salary of
$20,000 and Sue earned a salary of $18,000. They plan on filing a
joint tax return. What is the amount of the credit for child and
dependent care expenses? $690. $713. $1,380. $1,840. $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?