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a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cos Refer to the information provided and compute the child and dependent care tax credit. Qualifying expenses eligible Child and dependent care tax credit Requirement Applicable percentage = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Independent Situations a Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. c. Blake is divorced and has two children, ages 10 and 16. He has AGI and earned income of $28,000. Blake incurs qualifying child care expenses of $10,000 during the year, incurred equally for both children. Blake's employer maintains an employee dependent care assistance program. $700 was paid to Blake from this program and excluded from Blake's gross income. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the live-in nanny.

a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cos Refer to the information provided and compute the child and dependent care tax credit. Qualifying expenses eligible Child and dependent care tax credit Requirement Applicable percentage = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Independent Situations a Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. c. Blake is divorced and has two children, ages 10 and 16. He has AGI and earned income of $28,000. Blake incurs qualifying child care expenses of $10,000 during the year, incurred equally for both children. Blake's employer maintains an employee dependent care assistance program. $700 was paid to Blake from this program and excluded from Blake's gross income. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the live-in nanny.

FINANCIAL ACCOUNTING
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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A-7

Consider the following independent situations: View the independent situations. View the credit rates for the child care credit across AGI levels. Read the requirement. a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost o Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) - X Done G Independent Situations a e. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the live-in nanny. c. Blake is divorced and has two children, ages 10 and 16. He has AGI and earned income of $28,000. Blake incurs qualifying child care expenses of $10,000 during the year, incurred equally for both children. Blake's employer maintains an employee dependent care assistance program. $700 was paid to Blake from this program and excluded from Blake's gross income. d. Brannon and Caroline are married and file a joint return. Their combined AGI is $52,000. Brannon earns $49,000, and Caroline's salary from a part-time job is $3,000. They incur $4,500 of qualifying child care expenses for a day-care facility for their two children, ages 2 and 4. Bryan and Bailey are married and file a joint return. Their AGI is $95,000, all earned by Bailey. Bryan was a full-time student for two semesters (10 months) at State University during the year. They incur $9,000 of qualifying child care expenses for their two children, ages 6 and 4. - Print Done X
Transcribed Image Text:Consider the following independent situations: View the independent situations. View the credit rates for the child care credit across AGI levels. Read the requirement. a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost o Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) - X Done G Independent Situations a e. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the live-in nanny. c. Blake is divorced and has two children, ages 10 and 16. He has AGI and earned income of $28,000. Blake incurs qualifying child care expenses of $10,000 during the year, incurred equally for both children. Blake's employer maintains an employee dependent care assistance program. $700 was paid to Blake from this program and excluded from Blake's gross income. d. Brannon and Caroline are married and file a joint return. Their combined AGI is $52,000. Brannon earns $49,000, and Caroline's salary from a part-time job is $3,000. They incur $4,500 of qualifying child care expenses for a day-care facility for their two children, ages 2 and 4. Bryan and Bailey are married and file a joint return. Their AGI is $95,000, all earned by Bailey. Bryan was a full-time student for two semesters (10 months) at State University during the year. They incur $9,000 of qualifying child care expenses for their two children, ages 6 and 4. - Print Done X
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