### Scenario: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.#### Question:What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10.#### Scenario e:- Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income).#### Input Box:- **Child and dependent care credit:** [ ] (Here, users would typically enter or calculate the child and dependent care credit based on available information or supplementary material such as Exhibit 8-10.) **EXHIBIT 8-10 Child and Dependent Care Credit Percentage**This table outlines the percentages for the Child and Dependent Care Credit based on Adjusted Gross Income (AGI). It is used to determine the credit rate applicable based on income levels.| If AGI is over | But not over | Then the percentage is ||----------------|----------------|------------------------|| $0 | $125,000 | 50% || 125,000 | 127,000 | 49% || 127,000 | 129,000 | 48% || 129,000 | 131,000 | 47% || 181,000 | 183,000 | 21% || 183,000 | 400,000 | 20% || 400,000 | 402,000 | 19% || 402,000 | 404,000 | 18% || 434,000 | 436,000 | 2% || 436,000 | 438,000 | 1% |For AGI over $438,000, the percentage is 0.**Source:** Internal Revenue Code. "§ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment."This table helps individuals understand how their income impacts the percentage of credit they may receive for child and dependent care expenses. As the AGI increases, the percentage of the credit generally decreases.

2.Amount paid to day care center=5300

Answered: Julie paid a day care center to watch…

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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es ! Required information Problem 8-71 (LO 8-4) (Algo) [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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. Problem 8-71 Part e (Algo) e. Julie paid $4,300 to the day care center, and her AGI is $14,000 ($2,300 salary and $11,700 unearned income). Child and dependent care credit
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Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…
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