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 2022 in each of the following alternative scenarios? Use Exhibit 8-10Required:Julie paid $10,000 to the day care center, and her AGI is $50,000 (all salary). EXHIBIT 8-10 Child and Dependent Care Credit PercentageIf AGI is over$015,00017,00019,00021,00023,00025,00027,00029,00031,00033,00035,00037,00039,00041,00043,000But not over$15,00017,00019,00021,00023,00025,00027,00029,00031,00033,00035,00037,00039,00041,00043,000No limitThen the percentage is35%343332313029282726252423222120

Answered: Image /qna-images/answer/14314ed5-55d7-4595-9f72-fa0a3ce159f1.jpg

Answered: ulie paid a day care center to watch…

Business

Accounting

ulie paid a day care center to watch her two-year-old

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Required:

Julie paid $10,000 to the day care center, and her AGI is $50,000 (all salary).

EXHIBIT 8-10 Child and Dependent Care Credit Percentage
If AGI is over
$0
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
But not over
$15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
No limit
Then the percentage is
35%
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Julie paid a day care to watch her 2 year old son. -she paid $5,900 to the day care and her AGI is $14,000 ($3,900 salary and $10,100 unearned income) what is the child and dependent care credit?
Required information [The following information applies to the questions displayed below.] 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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. d. Julie paid $2,400 to the day care center, and her AGI is $14,300 (all salary). Child and dependent care credit
CASE STUDY: Silver is a senior high school student who is bound for college in the next school year. She plans to become a Certified Public Accountant (CPA) once she finishes her degree in accountancy. Silver receives a P500 weekly allowance from her parents that she can use to pay for her necessities in school. If there would be a need for additional resources, her parents are willing to provide for her. Silver makes it a point that she gets to save 20% of her weekly allowance. Aside from that, Silverworks during weekends in their family-owned grocery store. She works as a clerk during Saturdays and Sundays if time permits her. She receives a $150 per day allowance from her parents for her grocery store work. From today, it is only 14 weeks away from the start of the next school year. Silver would want to surprise her parents, by deciding to personally pay for her college textbooks, to reduce the financial burden of her parents. An older relative told Silver that $5,000 would be a…
- Once answered correctly will UPVOTE!!
Ms. Daphnee Rosagas needs 5,500 on August 19, 1991 for her children's school expenses. She plans to repay the money on December 6, 1991. What size of loan should she request from the Employees Credit Cooperative if the interest in advance is 6 3/8% (Simple Discount)
A professor has two daughters that he hopes will one day go to college. Currently, in-state students at the local University pay about $21,208.00 per year (all expenses included). Tuition will increase by 3.00% per year going forward. #11 O unanswered The professor's oldest daughter, Sam, will start college in 16 years, while his youngest daughter, Ellie, will begin in 18 not_submitted years. The professor is saving for their college by putting money in a mutual fund that pays about 9.00% per year. Tuition payments are at the beginning of the year and college will take 4 years for each girl. (Sam's first tuition payment will be in exactly 16 years) Attempts Remaining: Infinity The professor has no illusion that the state lottery funded scholarship will still be around for his girls, so how much does he need to deposit each year in this mutual fund to successfully put each daughter through college. (ASSUME that the money stays invested during college and the professor will make his last…
In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Sondra worked as a real estate agent, but her knowledge and skills are now somewhat outdated. Therefore, they include $30,000 for Sondra to go back to school. Additionally, Shen and Sondra want to create a college fund of $35,000 to fund their child’s college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. 2. Special needs a. Spouse’s education fund b. Child’s college fund c. Other needs $0 3. Final expenses (funeral costs and estate taxes) 4. Debt liquidation a. House mortgage b. Other loans c.…
! Required information [The following information applies to the questions displayed below.] 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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. e. Julie paid $5,800 to the day care center, and her AGI is $14,000 ($3,800 salary and $10,200 unearned income). Child and dependent care credit
1. Mary and Sue both work for WAWA. They both make $50,000 and they also each have $1000 a year in health care expenses. Mary deposits $1000 a year into a dependent care flexible spending account while Sue does not. They both have a tax rate of 15%. How much does Mary save vs. Sue in a given year?
Correctly explain.
preti is working at the local private hospital as an admin assistant. She would like a career in nursing so she enrolled in a Bachelor of Nursing degree hoping to eventually get a job as a nurse at this same private hospital. During the 2020 tax year Preti spent $20,000 on university fees (not HECS) and $500 on various books and stationery. She also studied a refresher course on hospital administration which cost $2,500 (not HECS) during the 2020 tax year. Advise Preti what tax deductions she may be able to claim for the year ended 30 June 2020. Your answer should refer to decided cases and legislation
A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $41,000 when the child reaches the age of 18? Assume the money earns 5% interest, compounded monthly. (Round your answer to two decimal places.)