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 2022 in each of the following alternative scenarios? Use Exhibit 8- 10 Required: a. Julie paid $2,380 to the day care center, and her AGI is $53,800 (all salary). b. Julie paid $5,950 to the day care center, and her AGI is $53,800 (all salary). c. Julie paid $5,900 to the day care center, and her AGI is $24,900 (all salary). d. Julie paid $2,800 to the day care center, and her AGI is $14,700 (all salary). e. Julie paid $5,900 to the day care center, and her AGI is $14,000 ($3,900 salary and $10,100 unearned income).

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 2022 in each of the following alternative scenarios? Use Exhibit 8- 10 Required: a. Julie paid $2,380 to the day care center, and her AGI is $53,800 (all salary). b. Julie paid $5,950 to the day care center, and her AGI is $53,800 (all salary). c. Julie paid $5,900 to the day care center, and her AGI is $24,900 (all salary). d. Julie paid $2,800 to the day care center, and her AGI is $14,700 (all salary). e. Julie paid $5,900 to the day care center, and her AGI is $14,000 ($3,900 salary and $10,100 unearned income).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

After two and one-half years of working with the orphanage and the government, Jake and Nikki adopted a two-year-old girl from Korea. The adoption process, which became final in January 2022, incurred the following qualified adoption expenses. For how much and in which year can Jake and Nikki take the adoption credit? (Assume no limitation of the credit due to AGI.) Year 2021 $ 6,225 Year 2022 $ 1,150
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.
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?
Tim and Martha paid $19,600 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 $156,850 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $139,900 that was earned entirely by Martha?
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $15.20 per hour. She completed her W-4 stating that she is married filing jointly. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1) Note: Round your answer to the nearest cent. Net pay The tentative amount to withhold is: с Married Filing Jointly $ 0.00 $ 0.00 $76.60 $358.84 $1,134.78 $ 2,584.86 $3,680.22 $ 6,499.82 At least But less than- B A $0 $ 965 $ 965 $ 1,731 $1,731 $4,083 $4,083 $7,610 $7,610 $ 13,652 $ 13,652 $ 17,075 $17,075 $ 25,131 $ 25,131 Plus this percentage D 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds- E - Table 9.1 A At least But less than- TABLE 2-BIWEEKLY Payroll Period $0 $0 $483 $ 965 $ 1,731 $ 865 $4,083 $2,041 $7,610 $3,805 $…
Marie wants to provide retirement income for her dependent parents for 35 years should she die. Marie earns $67,500 and feels that her parents could live on 65% of that amount. If the insurance funds could be invested at 5%, how much life insurance does she purchase using the desired income method? Group of answer choices $1,273,499 $1,450,087 $932,743 $877,500
Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.
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
Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.
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
Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2018?$ b. What is the nanny's portion of the Social Security and Medicare tax?$