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 the 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 credit | [Input field] | Tim and Martha paid $9,600 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,400 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,350 of AGI earned equally. Use the Child and Dependent Care Credit AGI schedule.**Required:**a. What amount of child and dependent care credit can they claim on their Form 1040?b. How would your answer differ (if at all) if the couple had AGI of $39,900 that was earned entirely by Martha?**Table:**| Amounts ||---------|| a. Child and dependent care tax credit || b. Child and dependent care tax credit |

The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…

Answered: Adrienne is a single mother with a…

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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Aa.43. Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,050 in child care expenses so that she would be able to work. Of this amount, $540 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,100 from her jewelry business. In addition, she received child support payments of $20,100 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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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?

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Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrier expenses so that she would be able to work. Of this amount, $660 was paid to Adrienne's mother, whon