Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the end of 2020. Ellie and Paul are qualified dependents of the Flints. They also have a nephew, Cole (age 12), who lives with them and qualifies as a dependent. AGI for 2020 is $129,070. Included in the AGI of $129,070 is salary for Melinda of $100,000 and for Ed of $12,000. They paid a babysitter $6,200 to watch their children when they were at work. Compute Ed and Melinda's child and dependent care credit for 2020. Number of Qualifying Individuals $______ Qualifying Expenses $______ Applicable Percentage for Computing Credit $______ Credit Amount $_____
Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the end of 2020. Ellie and Paul are qualified dependents of the Flints. They also have a nephew, Cole (age 12), who lives with them and qualifies as a dependent. AGI for 2020 is $129,070. Included in the AGI of $129,070 is salary for Melinda of $100,000 and for Ed of $12,000. They paid a babysitter $6,200 to watch their children when they were at work. Compute Ed and Melinda's child and dependent care credit for 2020. Number of Qualifying Individuals $______ Qualifying Expenses $______ Applicable Percentage for Computing Credit $______ Credit Amount $_____
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the end of 2020. Ellie and Paul are qualified dependents of the Flints. They also have a nephew, Cole (age 12), who lives with them and qualifies as a dependent. AGI for 2020 is $129,070.
Included in the AGI of $129,070 is salary for Melinda of $100,000 and for Ed of $12,000. They paid a babysitter $6,200 to watch their children when they were at work.
Compute Ed and Melinda's child and dependent care credit for 2020.
| Number of Qualifying Individuals |
$______ |
| Qualifying Expenses |
$______ |
| Applicable Percentage for Computing Credit |
$______ |
| Credit Amount |
$______ |
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