Julie paid a day care to watch her 2 year old son.-she paid $2,800 to the day care and her AGI is 14,700. What is the child and dependent care credit? EXHIBIT 8-10 Child and Dependent Care Credit PercentageThen the percentage is35%343332313029282726252423222120If AGI is over$015,00017,00019,00021,00023,00025,00027,00029,00031,00033,00035,00037,00039,00041,00043,000Source: $21.HBut not over$15,00017,00019,00021,00023,00025,00027,00029,00031,00033,00035,00037,00039,00041,00043,000No limitType here to search

Child care credit is an important credit extended for caring for the child

I is over 0 5,000 7,000 9,000 1,000 23,000 25,000 27,000 29,000 31.000 But not over $15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 23.000 Then the pe 3- 3- درا 33 32 31 30 29 22 28 27

I is over 0 5,000 7,000 9,000 1,000 23,000 25,000 27,000 29,000 31.000 But not over $15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 23.000 Then the pe 3- 3- درا 33 32 31 30 29 22 28 27

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…

Q: Required information [The following information applies to the questions displayed below.] Julie…

A: A person's total gross income less a few specific deductions is their adjusted gross income. This…

Q: Question 53 of 81. Judee has two qualifying children for the Child and Dependent Care Credit, Emily…

A: Even though Judee has two qualifying children, the Child and Dependent Care Credit is limited to…

Q: ds to borrow $5000 to pay for NHL season tickets for her family. She can borrow from the credit…

A: The annual percentage rate (APR) is the total cost of a loan to a borrower, including fees which is…

Q: 12. Kristen has a Medigap insurance policy. She is receiving custodial care in her home that…

A: Medigap: As the name suggets, Medigap plans are plans meant to fill gaps in original Medicare.

Q: Required information [The following information applies to the questions displayed below.] Julle…

A: The total amount of taxes owed by the taxpayer may be decreased as a consequence of the Child Tax…

Q: The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses…

A: T lives in the United States with his family. He has purchased family health insurance.…

Q: What percent of Hal's income does he spend on housing

A: Mortgage - An amount which is borrowed for specific purpose. Installment Payment includes the…

Q: QUESTION 1 Kinny is a single dad. His family lives in Raleigh but he wanted some space while being…

A: Solution:-The inquiry concerns Kinny, a single dad employed as a radiologist in Virginia Beach. It…

Q: The following information applies to the questions displayed below.] ulie paid a day care center to…

A: Child and Dependant Care Credit : It is the relief given by the Government to the taxpayer who spent…

Q: ue has $50,000 in her checking account at Small Bank and $150,000 in a savings account at Big Bank.…

A: FDIC is deposit insurance provided by the government in the event that banks may default on the…

Q: Chris and Karen have a combined take-home income of $5,000. Their total monthly payments on consumer…

A: Debt safety ratio is a ratio that is often used by banks, financial institutions etc. to assess the…

Q: Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is…

Q: What is their 2022 child and dependent care credit? X 489

A: The Child and Dependent Care Credit is a tax benefit offered to taxpayers who incur expenses for the…

Q: Lola Tinidora, 63 years old, was treated by her grandchildren Alden, Allen, and Ellen to Max's…

A: According to Republic Act No.9994, Senior citizens are resident citizens of Philippines who have…

Q: Cola Tinidora, 63 years old, was treated by her grandchildr Allen, and Ellen to Max's restaurant…

A: Senior citizen in the Philippines are given 20% discount on before VAT prices and they enjoy this…

Q: Required information [The following information applies to the questions displayed below.] Julie…

A: Actual Expense Paid = $6,100Number of Qualifying Dependent = 1AGI of Julie = $50,400

Q: Answer ?

A: Step 1Since Jean was a student-spouse for the 8 months during the year, we need to calculate the…

Q: What kind of obligation are the following? 1.1. Rosalie agreed to pay her tuition fee in…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: ! Required information Problem 8-71 (LO 8-4) (Algo) [The following information applies to the…

A: The Internal Revenue Service (IRS) offers the Child and Dependent Care Credit as a tax credit to…

Q: Christian and Monica are married and are both in good health with reasonably secure careers.…

A: DINK method is a way of determining how much insurance is needed based on how much is the liability.

Q: Consider a family that has one working parent, a stay‐at‐home parent, and three children. Two of the…

A: The following formulas used as follows under:- 1)Assets - Things the family owns such as cash, bank…

Q: Complete the formula to find the tax withheld. Gross Pay $7,000 78,000 32,000 12,500 135,000 64,550…

A: Solution:- Amount of taxes withheld means the amount of taxes paid. It is calculated by applying the…

Q: Choice

A: The Right Answer is $3,936.

Q: Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the…

A: Computation is represented as below: Hence, the taxable income of Josue and Laura is $56,817.

Q: Julie paid a day care to watch her 2 year old son. -she paid $5,900 to the day care and her AGI is…

A: Child and dependent care credit is kind of tax subsidy for a taxpayer for the cost borne by the…

Q: Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn…

A: Answer:- Income credits and deductions:- By claiming tax credits or deduction, taxpayers may be able…

Q: ! Required information [The following information applies to the questions displayed below.] Julie…

A: The Child and Dependent Care Credit is a tax credit provided by the Internal Revenue Service (IRS)…

Q: Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to…

A: A mortgage refers to a covered loan borrowed for the purchase or maintenance of a property with the…

Q: Susan is in an indemnity health insurance plan that has a $500 deductible and a co- insurance…

A: The procedure normally operates as follows under an indemnity health insurance plan with a…

Q: Tom and Tina are updating their financial plan and are concerned that they might not have enough…

A: please like the answer your response matters An easy method of Life Insurance works for a Simple…

Q: Ms. Daphnee Rosagas needs 5,500 on August 19, 1991 for her children's school expenses. She plans to…

A: Future Value Required = 5500 Loan Date = August 19,1991 Repayment Date = December 6, 1991 N = Time…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: The child and dependent care credit means a non-refundable tax credit which will be offered to the…

Q: Required information [The following information applies to the questions displayed below.] Julie…

A: The Child and Dependent Care Credit is a tax credit provided by the Internal Revenue Service (IRS)…

Q: [The following information applies to the questions displayed below.] Julie paid a day care center…

A: Annual gross income is the sum of all income or income generated by an existing establishment, or…

Q: Marty, do you have two qualifying children for the child and dependent care credit they paid $5200…

A: The child and dependent care credit is a tax credit that may help you pay for the care of eligible…

Q: Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at…

A: Gross income: Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: The tucker family has health insurance coverage that pays 80 percent of out of hospital expenses…

A: Given: Insurance Coverage =80%Deductible per person =500Medication expenses =1100

Q: Ivanna who has three children under age 13 worked full-time while her spouse Sergio was attending…

A: You may be able to claim the credit if you pay someone to care for your dependent who is under age…

Q: Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to…

A: The Debt-to-Income (DTI) ratio is a financial metric that expresses the relationship between an…

Q: Required information [The following information applies to the questions displayed below.] Julie…

A: The Child and Dependent Care Credit is a tax credit provided by the Internal Revenue Service (IRS)…

Q: Required information [The following information applies to the questions displayed below.] Julie…

A: The adjusted gross income of an individual is their gross income less a few particular deductions.…

Q: Manpreet is an accountant for DY public accountant in Melbourne, she has 4 years old daughter that…

A: Manpreet can claim the expenses incurred on children as a deduction.

Q: For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except…

A: For qualified taxpayers who incur costs for the care of qualifying dependents so they may work or…

Q: You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage =…

A: Step 1:The formula for DINK methodLife insurance needs using the DINK Method=funeral…

Q: Tanner has a family and has chosen Plan C. Tanner has not used health insurance yet this year.…

A: The insurance company will only start paying for the bill after the deductible.

Q: b. Julie paid $6,200 to the day care center, and her AGI is $50,800 (all salary).

A: Actual Expense Paid = $6,200 Number of Qualifying Dependent = 1 AGI of Julie = $50,800

Question

Julie paid a day care to watch her 2 year old son. -she paid $2,800 to the day care and her AGI is 14,700. What is the child and dependent care credit?

EXHIBIT 8-10 Child and Dependent Care Credit Percentage
Then the percentage is
35%
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
If AGI is over
$
0
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
Source: $21.
H
But not over
$15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
No limit
Type here to search

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 introduce

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Property, Plant and Equipment

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Julie paid a day care to watch her 2 year old son. -she paid $5,900 to the day care and her AGI is $24,900. What is the child and dependent care credit.
"Vicky has a comprehensive auto insurance policy with a $4,400 deductible, with a 100/0 copay and a $4,400 out- of-pocket limit. Last week, their car was crushed by a falling tree. This cost them $5,800 to replace the car. How much of this expense will they havve to pay out of pocket?"
Julie paid a day care to watch her 2 year old son. -she paid $2,380 to the day care and her AGI is 53,800. What is the child and dependent care credit?
Julie paid a day care to watch her 2 year old son. -she paid $5,950 to the daycare and her AGI is $53,800. What is the child and dependent care credit?
6. Jessa is 19 and is trying to determine the annual premium for her auto insurance. She finds that she will pay $223 for $50,000 in property damage coverage, $44 for uninsured motorist coverage, $68 for comprehensive coverage, and $98 for collision coverage. The youthful-operator factor is 2.35 because she has been through a driver training course. What is Jessa's annual premium? O $914.15 O $1,017.55 O$909.30 O$433.00
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $52,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 $15,000 35% 15,000 17,000 34% 17,000 19,000 33% 19,000 21,000 32% 21,000 23,000 31% 23,000 - 25,000 30% 25,000 - 27,000 29% 27,000 - 29,000 28% 29,000 31,000 27% 31,000 33,000 26% '33,000 35,000 25% 35,000 37,000 24% 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 21% 43,000 No limit 20% What is their 2022 child and dependent care credit? 9,000 x
Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of her annual premium for basic health insurance, and 35% for dental and vision insurance. Iif the health insurance premium is $11.540, and the vision and dental are together $1.230 annually. What is the total amount Wanda pays for insurance each year? Select one O a $8,362 Ob. 57,146.50 c. $8.300,50 d. $7,200
3. Johnathan was provided a private health care plan for his family. The employer paid $3000 of premiums for this plan. He also earned a cash bonus of $800 for being the hardest working employee during the year. Additionally, he received a large painting as a Christmas present from his employer, which has a value of $1250. Answer the question: Private health care plan is ??
You interviewed a new client and these were the facts provided. Provide them with a brief explanation of tax reason for each Jerry was injured playing football and his parents paid for the physical therapy that cost them $ 4000 above what the health insurance paid, braces for Julie for the final year cost $2200. The parents have 2 health insurance plans, Stacy from her employer paid plan that covers her and the children. Charles has a self- emploved insurance plan that he pays $9000 a vear through his business.
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross income of $960 per month. Her employer deducts a total of $170 for taxes from her monthly pay. Madeline also pays $115 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $170 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) With college loan Without college loan Debt Payments-to- Income Ratio
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care credit