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Problem 12-31 (LO. 4)

Problem 12-31 (LO. 4)

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Problem 12-31 (LO. 4) Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 in 2021). Paul and Karen have two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside Day Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11-2345678), to care for their children while they are working. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Assuming that Paul and Karen file a joint return, what, if any, is their tax credit for child and dependent care expenses? X .
Transcribed Image Text:Problem 12-31 (LO. 4) Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 in 2021). Paul and Karen have two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside Day Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11-2345678), to care for their children while they are working. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Assuming that Paul and Karen file a joint return, what, if any, is their tax credit for child and dependent care expenses? X .
Problem 12-32 (LO. 4) Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and earn salaries in 2021 as follows: $130,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim's mother) $5,600. Eleanor does not qualify as a dependent of Jim and Mary Jean. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Jim and Mary Jean file a joint Federal income tax return. Compute their credit for child and dependent care expenses.
Transcribed Image Text:Problem 12-32 (LO. 4) Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and earn salaries in 2021 as follows: $130,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim's mother) $5,600. Eleanor does not qualify as a dependent of Jim and Mary Jean. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Jim and Mary Jean file a joint Federal income tax return. Compute their credit for child and dependent care expenses.
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