Phil's two-year-old daughter, Daisy, attends a day care center while Phil works three days a week as a security guard. The daycare charges $375 for three days a week and $475 for five days a week. Sometimes when he has errands to run or wants to spend time with friends, Phil pays the extra money for the full week of day care. What is Phil's qualifying deductible expense amount as it relates to the Child and Dependent Care Credit?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Phil's two-year-old daughter, Daisy, attends a day care center while Phil works three days
a week as a security guard. The daycare charges $375 for three days a week and $475
for five days a week. Sometimes when he has errands to run or wants to spend time
with friends, Phil pays the extra money for the full week of day care. What is Phil's
qualifying deductible expense amount as it relates to the Child and Dependent Care
Credit?
Transcribed Image Text:Phil's two-year-old daughter, Daisy, attends a day care center while Phil works three days a week as a security guard. The daycare charges $375 for three days a week and $475 for five days a week. Sometimes when he has errands to run or wants to spend time with friends, Phil pays the extra money for the full week of day care. What is Phil's qualifying deductible expense amount as it relates to the Child and Dependent Care Credit?
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