Tim and Martha paid $8,900 in qualified employment-related expenses for their three youngchildren who live with them in their household. Martha received $2,100 of dependent careassistance from her employer, which was properly excluded from gross income. The couplehad $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule.McGrawHillRequired:a. What amount of child and dependent care credit can they claim on their Form 1040?b. How would your answer differ (if at all) if the couple had AGI of $38,500 that was earnedentirely by Martha?2აAnswer is complete but not entirely correct.a. Child and dependent care tax creditb. Child and dependent care tax creditF231120F34I< PrevF4CWish Our5Amounts$2 of 5F5T840 x0✓6§Next >F67eF7DIIF889HA!DF9

Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…

Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,100 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $38,500 that was earned entirely by Martha? Answer is complete but not entirely correct. a. Child and dependent care tax credit b. Child and dependent care tax credit Amounts $ $ 840 x 0

Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,100 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $38,500 that was earned entirely by Martha? Answer is complete but not entirely correct. a. Child and dependent care tax credit b. Child and dependent care tax credit Amounts $ $ 840 x 0

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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46. Tim and Martha paid $7,900 in qualified employment-related expenses for their thra:young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income.The couple had S57.000 of AGI earned equally. What amount of child and dependent catcredit can they claim on their Form 1040? How would your answer differ (if at all) if thecouple had AGI of $3€,000 that was earned entirely by Martha?
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I need help on part b and part d. Thanks.
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I need these to be done as soon as possible.