Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns $18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 years old. They spent $2,500 on after school care from 3:30 - 5:30 each day, since they work until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000 where he stayed overnight in cabins. Calculate the maximum child care expense deduction the family can take.
Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns $18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 years old. They spent $2,500 on after school care from 3:30 - 5:30 each day, since they work until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000 where he stayed overnight in cabins. Calculate the maximum child care expense deduction the family can take.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns
$18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 years
old. They spent $2,500 on after school care from 3:30 - 5:30 each day, since they
work until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000
where he stayed overnight in cabins.
Calculate the maximum child care expense deduction the family can take.
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