2. In 2020, Gale and Cathy Alexander hosted an exchangestudent, Axel Muller, for 9 months. Axel was part ofInternational Student Exchange Programs (a qualifiedorganization). Axel attended tenth grade at the local highschool. Gale and Cathy did not claim Axel as a dependentbut paid the following items for Axel's well-being:Food and clothingMedical care$1,500200Fair market value of lodging2,700100$4,500EntertainmentTotalGale and Cathy have asked for your help in determining ifany of the $4,500 can be deducted as a charitablecontribution.Required: Go to the IRS website (www.irs.gov) and locatePublication 526. Please answer the question for Gale andCathy. If they can claim a deduction, be sure to include inyour post the amount that can be deducted and anysubstantiation requirements.

Gale and Cathy is eligible to deduct qualifying expenses for a foreign or American Student who,…

Answered: 2. In 2020, Gale and Cathy Alexander…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 1,230
Required information [The following information applies to the questions displayed below.] Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2021 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). c. Stephanie reported $18,000 of earnings from her babysitting. Standard deduction
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After two and one-half years of working with the orphanage and the government, Jake and Nikki adopted a two-year-old girl from Korea. The adoption process, which became final in January 2022, incurred the following qualified adoption expenses. For how much and in which year can Jake and Nikki take the adoption credit? (Assume no limitation of the credit due to AGI.) Year 2021 $ 6,225 Year 2022 $ 1,150
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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 $2,500 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 credit

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