What is the amount of the child and dependent care credit they should report on their tax return for 2020 (assume no tax liability limitation)? a.$675 b.$459 c.$729 d.$270 e.None of these choices are correct.

Q: Arthur and Cora are married and have 2 dependent children. They have a gross income of $92,500.…

A: The tax liability for the year 2020 of married and filed jointly assessees's should be determined by…

Q: In the year 2023, with the social security wage cap set at $160,200, Alex obtained a $100,000 income…

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Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: EXPLANATION:During the year, Margaret and John Murphy, a married couple filing a joint tax return,…

Q: Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is…

A: Dependent & Child Care Credit   Requires care for a dependent child (under 13 years) or disabled…

Q: Harry and Wei may claim a credit for child and dependent care expenses of:

A: Income Tax Expenses:   The expenses which are related to the taxable income of the individuals and…

Q: For 2020, Erika and Matthew, ages 62 and 68, respectively, are married taxpayers who file a joint…

A: The following calculations are done for Erik and Matthew who file a joint tax return.

Q: Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check…

A: Generally , one can deduct contributions made by money or property to a qualified institution. A…

Q: Compute the taxable income for 2023 for Aiden on the basis of the following information. Aiden is…

A: First, we need to identify which items are taxable and which are not. According to the IRS:Salary is…

Q: Required: a. His AGI is $104,000. b. His AGI is $442,000. c. His AGI is $422,300, and his daughters…

A: Joint tax filing means when both the husband and wife file their tax together. A tax credit means a…

Q: john and maria support their 21-year-old son, bill. the son earned $12,200 last year working in a…

A: The Internal Revenue Code (IRC), often referred to as the tax code, is indeed the primary statutory…

Q: Tom and Ashley have a daughter, Janice, who is 19-years-old and attending college as asophomore at a…

A: The following computations are recorded for Tom Ashley.

Q: Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with…

A: To qualify for child tax credit (CTC) child’s age must be below 17 years (e.g. 16 or younger).2019,…

Q: Wendy has twins, Robert and Richard, who are in their first and third years of school at accredited…

A: Tax is an obligatory payment that is to be made by citizens to the government at the tax rates that…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket. Ava’s…

A: Federal Income Tax - The U.S. government's main source of money is the federal income tax. The…

Q: Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment…

A: GIVENKevin and Shuang have two children, ages 8 and 14.In 2021 they spend $16,200 on eligible…

Q: Dan is single and over 65 years old.  She received the following in 2020:   Interest from…

A: Taxable amount: $50,000

Q: Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a…

A: Computation:

Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…

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Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: A child tax credit (CTC) is a tax credit for parents with dependent children given by various…

Q: What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to…

A: Trey is eligible for the full child tax credit of $2,000 for each of his daughters because his AGI…

Q: Rob and Kathryn are married and file jointly. In 2020, Rob and Kathryn realized the following items…

A: The standard deduction lowers the amount of income that is subject to tax by a certain dollar…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

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Q: Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old.…

A: Here the details of qualified expenses which can be used for claiming the child and depend care…

Q: Shonda and Andre adopted a child with special needs in a domestic adoption. They had $10,000 in…

A: In the United States, taxpayers who incur qualifying adoption expenses may be eligible for the…

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $852,000 by paying $284,000 down…

A: A company's interest expense indicates the cost of borrowing. Interest expense is a semi-item on the…

Q: Ed and Melinda Flint have two children, Ellie and Paul, who are ages 7 and 14, respectively, at the…

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Q: and Rebecca have AGI of $446,000. They have twin daughters, Ashley and Amy, ages 5. What amount of…

A: There are child tax credit available and can be claimed during the year and tax credit can be…

Q: In 2021, Ivanna, who has three children under age 13, worked full-time while her husband, Sergio,…

A: The Child and Dependent Care Credit is a tax credit provided by the U.S. government to help offset…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses.   Explanation: Annual gross income of Jim…

Q: Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during…

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Q: What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to…

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Q: Doyle and Rosie, who filed jointly, are both on active duty. They have two children, Doyle, Jr. (age…

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Q: Harry and Wilma are married and file a joint income tax returm. On their tax reftun, they report…

A: Given that : Harry and Wilma paid qualifying expense for child care $17,000 for 2 children. So as…

Q: Jordan owns and operates Jordan's Exotic Journeys (JEJ), a sole proprietorship. JEJ sponsors a…

A:

Q: Harry and Carrie Franklin are married and choose to file Married Filing Jointly on their 2020 tax…

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Q: in 2018, Nancy a single taxpayer with an AGI of 202,000 claims five dependent children all under age…

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Q: Mr. and Mrs. Golden are married and have one preschool - aged child. During the year, Mrs. Golden is…

A: As per the IRS, the deduction amount for child care and dependent care expense is computed by…

Q: Mark and carried married and they will file a joint breturn the both work full-time  and their total…

A: Aubrey is a qualifying child as his age is below 13 years. It is not possible parents to take care…

Q: 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students…

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Q: n 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time…

A: Earned Income Tax is the United States tax credit and it was introduced to keep the families out of…