Answered: Q1. Maria donated $80,000 cash to a…

Business

Accounting

Q1. Maria donated $80,000 cash to a public charity in 2020.

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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Question

Q1.

Maria donated $80,000 cash to a public charity in 2020.

If Maria's 2020 AGI is $70,000, what is Maria's 2020 itemized deduction resulting from her charitable contribution (after application of the limitation)?

Q2.

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%.

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