Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit ### Scenario**b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary).**#### Child and Dependent Care Credit*Explanation:* This segment concerns Julie's expenses for day care services and her Adjusted Gross Income (AGI). It includes a placeholder for calculating a child and dependent care credit based on her financial details.No graphs or diagrams are present in this image. **EXHIBIT 8-10 Child and Dependent Care Credit Percentage**| If AGI is over | But not over | Then the percentage is ||----------------|-------------|------------------------|| $0 | $125,000 | 50% || 125,000 | 127,000 | 49 || 127,000 | 129,000 | 48 || 129,000 | 131,000 | 47 || 181,000 | 183,000 | 21 || 183,000 | 400,000 | 20 || 400,000 | 402,000 | 19 || 402,000 | 404,000 | 18 || 434,000 | 436,000 | 2 || 436,000 | 438,000 | 1 || 438,000 | | 0 |**Source:** Internal Revenue Code. "§ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment."**Explanation:**This table shows the Child and Dependent Care Credit percentage based on Adjusted Gross Income (AGI). The percentage decreases as AGI increases, reflecting the reduction in credit available as income rises. The credit starts at 50% for AGI up to $125,000 and gradually decreases to 0% for AGI over $438,000.

Child and dependent care credit = $1,500

ulie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit

ulie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. EXHIBIT 8-10 Child and Dependent Care Credit Percentage If AGI is over But not over Then the percentage is $ 0 $125,000 50% 125,000 127,000 49 127,000 129,000 48 129,000 131,000 47 181,000 183,000 21 183,000 400,000 20 400,000 402,000 19 402,000 404,000 18 434,000 436,000 2 436,000 438,000 1 438,000 0 a. Julie paid $2,340 to the day care center and her AGI is $53,400 (all salary). b. Julie paid $5,850 to the day care center and her AGI is $53,400 (all salary). c. Julie paid $5,700 to the day care center and her AGI is $126,600 (all salary). d. Julie paid $3,700 to the day care center and her AGI is $401,600 (all salary). e. Julie paid $5,700 to the day care center and her AGI is $14,000 ($3,700 salary and $10,300 unearned income).
choose option is same for all 3 parts
6 Marty, do you have two qualifying children for the child and dependent care credit they paid $5200 for their eligible work related expenses Marty's W-2 shows $56,720 and box. One day was a full-time student for 10 months dollar amount for the work related child care expenses is a $2500 be $3000 C50200 $ D $8000 in none of these.
Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…
Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that she found online for $9,275, plus sales tax of 5.5%. The supply company is offering cash terms of 2/15, n/30, with a 1.5% service charge on late payments, or 90 days same as cash financing if Deja is approved for a company line of credit. If she is unable to pay within 90 days under the second option, she would have to pay 22.9% annual simple interest for the first 90 days, plus 2% simple interest per month on the unpaid balance after 90 days. Deja has an excellent credit rating but is unsure of what to do. a) If Deja took the cash option and was able to pay off the printer within the 15-day discount period, how much would she save? How much would she owe? b) If Deja takes the 90 days same as cash option and purchases the printer on December 30 to get a current-year tax deduction, using exact time, what is her deadline for paying no interest in a non-leap year? In a leap year?
1. Alex owns a home with a replacement value of $320,000. The homeowners policy has an 80% coinsurance clause and a face value of $240,000. Damage caused by a fire costs $125,280 to repair. What compensation will the insurance company pay? 2. Using Table 19-5 and 19-6, find the annual premium for an automobile insurance policy for Sandra who has a good credit rating. She lives in Territory 1 and buys 50/100/50 coverage for her liability protection. Sandra's vehicle is Model Class 2 and is five years old. In addition to the liability coverage, she purchased comprehensive and collision insurance with a $250 deductible on comprehensive and a $500 deductible on collision. TABLE 19-5 Annual Automobile Liability Insurance Premiums Territory 1 Territory 2 Liability Limits BAD GOOD ОСС GOOD ОСС BAD 50/100/50 385 600 846 354 552 778 100/300/100 425 682 961 391 627 884 250/500/250 460 750 1036 423 690 953 500/1000/500 530 843 1208 488 776 1111 GOOD = good credit; OCC = occasional payments past…
Aa .14.
ng gifts to sales contracts. Can Armelio deduct the cost of the lapel buttons as business gifts? 49. Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. LO 1-2
pre.6
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $52,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 $15,000 35% 15,000 17,000 34% 17,000 19,000 33% 19,000 21,000 32% 21,000 23,000 31% 23,000 - 25,000 30% 25,000 - 27,000 29% 27,000 - 29,000 28% 29,000 31,000 27% 31,000 33,000 26% '33,000 35,000 25% 35,000 37,000 24% 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 21% 43,000 No limit 20% What is their 2022 child and dependent care credit? 9,000 x
Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of her annual premium for basic health insurance, and 35% for dental and vision insurance. Iif the health insurance premium is $11.540, and the vision and dental are together $1.230 annually. What is the total amount Wanda pays for insurance each year? Select one O a $8,362 Ob. 57,146.50 c. $8.300,50 d. $7,200
Jose must choose between two job offers. The first job pays $62,000 for the first year. Each year thereafter, he would receive a raise of $2400. A second job offers $66,000 the first year with a raise of $2000 each year thereafter. However, with the second job, Jose would have to pay $150 per month out of his paycheck for health insurance. Part: 0 / 2 Part 1 of 2 (a) If Jose anticipates working for the company for 6 years, find the total amount he would earn from each job. Jose would earn $ over 6 years from the first job, or a total of $ from the second job.