Paul and Maggie are married and want to file a joint return.Maggie is a U.S. citizen and has a valid Social Security number. Paul is a residentalien and has an ITIN. They resided in the United States all year with their children.Paul and Maggie have two children, Cheryl, age 4, and Mike, age 15. Cheryl and Mikeare U.S. citizens and have valid Social Security numbers.Paul earned $18,000 in wages.Maggie earned $20,000 in wages.In order to work, the Thomas's paid child and dependent care expenses of $3,500 fortheir daughter Cheryl to attend Busy Bee Child Care.Paul and Maggie provided all of the support for their two children.Paul and Maggie declined to receive advance payments for the Child Tax Credit.5. How much of the child care expenses paid to Busy Bee Day Care are used tocalculate the refundable child and dependent care credit? $___________(Do not enter dollar signs, commas, periods, or decimal points in your answer.)

The Child and Dependent Care Credit will be phased away in 2021. Because this is a refundable tax…

Answered: ocial Security numbers. Paul earned…

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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Paul and Maggie are married and want to file a joint return.
Maggie is a U.S. citizen and has a valid Social Security number. Paul is a resident
alien and has an ITIN. They resided in the United States all year with their children.
Paul and Maggie have two children, Cheryl, age 4, and Mike, age 15. Cheryl and Mike
are U.S. citizens and have valid Social Security numbers.
Paul earned $18,000 in wages.
Maggie earned $20,000 in wages.
In order to work, the Thomas's paid child and dependent care expenses of $3,500 for
their daughter Cheryl to attend Busy Bee Child Care.
Paul and Maggie provided all of the support for their two children.
Paul and Maggie declined to receive advance payments for the Child Tax Credit.

5. How much of the child care expenses paid to Busy Bee Day Care are used to
calculate the refundable child and dependent care credit? $___________

(Do not enter dollar signs, commas, periods, or decimal points in your answer.)

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