350 in child care expenses so that she would be able to work. Of this amount, $660 was paid to Adrienne’s mother, whom Adrienne c
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Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,350 in child care expenses so that she would be able to work. Of this amount, $660 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,700 from her jewelry business. In addition, she received child support payments of $20,700 from her ex-husband. Use Child and Dependent Care Credit AGI schedule.
Required:
What amount, if any, of child and dependent care credit can Adrienne claim?
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- Margaret, age 65, and John, age 62, are married with a 23 -year-old daughter who lives in their home. They provide over half of their daughter's support, and their daughter earned $4,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can/cannot be claimed as a dependent because: She cannot be claimed because she is over 19 and not a full-time student. She can be claimed because she is a qualifying child. She can be claimed because she is a qualifying relative. She cannot be claimed because she fails the gross income test.Jane and Robert Brown are married and have eight children, all of whom are eligible to be claimed as the couples dependents. Robert earns 196,000 working as senior manager in a public accounting firm, and Jane earns 78,000 as a second-grade teacher. Given their large family, they live in a frugal manner. The Browns maintain a large garden and some fruit trees from which they get most of their produce, and the children take family and consumer science classes so that they can help make the familys clothing. The Browns record no gross income other than their salaries (all of their investment income is earned from qualified retirement savings), and their itemized deductions are less than the standard deduction. In addition, they incur no additional adjustments or preferences for AMT purposes. a. What is the couples 2019 regular tax liability? b. What is the couples 2019 AMT? c. Express the calculation of the couples AMT for 2019 as a Microsoft Excel formula. Place any parameter that could change annually in a separate cell, and incorporate the cell references into the formula.Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is 30,000, including a scholarship for 5,000 to cover her tuition. Jane used 12,000 of her savings, and her grandparents provided 13,000. Which of the following statements regarding the dependency rules for Jane is true? a. If Janes parents (rather than her grandparents) provided the 13,000, then they would not be able to claim Jane as a dependent because Jane provided more than half of her own support. b. Janes grandparents can claim her as a dependent because Jane did not provide more than half of her own support. c. Janes grandparents cannot claim her as a dependent because Jane provided more than half of her own support. d. Jane does not qualify as a dependent for either her parents or grandparents.
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- Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,250 in child care expenses so that she would be able to work. Of this amount, $620 was paid to Adrienne's mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,500 from her jewelry business. In addition, she received child support payments of $20,500 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. What amount, if any, of child and dependent care credit can Adrienne claim?Adrienne is a single mother with a 6-year-old daughter who lived with her during the entire year. Adrienne paid $2,350 in child care expenses so that she would be able to work. Of this amount, $500 was paid to Adrienne's mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,700 from her Jewelry business. In addition, she received child support payments of $20,700 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim? Child and dependent care tax creditAdrienne is a single mother with a 6-year-old daughter who lived with her during the entire year. Adrienne paid $2,250 in child care expenses so that she would be able to work. Of this amount, $500 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,500 from her jewelry business. In addition, she received child support payments of $20,500 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
- VishanoHansabenKaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home every day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($16,490 for the year). What is the amount of Kaelyn's child and dependent care credit in 2022 if her AGI for the year was $131,900?
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