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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 $2,600 in child care
expenses so that she would be able to work. Of this amount, $760 was paid to Adrienne's mother, whom Adrienne cannot claim as a
dependent. Adrienne had net earnings of $1,800 from her jewelry business. In addition, she received child support payments of
$21,300 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 credit
S
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- Antwon is 21 and currently goes to college. His parents both work at high paying jobs and have health insurance through their employer. What would be Antwon's best resource for health insurance? Get Medicaid coverage. Continue on his parents' policy. Go without insurance until he gets a job. Get Medicare coveragJoe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $658. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary Jessie's craft sales Interest from certificate of deposit…Larry and Laura Morton have one child. Tina is a 15 year old high school sophomore. Laura's sister, Meg (23 years old), also lives with them and they furnish over half of her support. Meg earns $3,000 working part-time. Larry and Morton's AGI is $170,000. What are the total amounts of their credits for dependents? (Note: some prior knowledge of dependency status is assumed here - SEE Chapter 3 for a refrecher if vou needenel
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