Question

In: Accounting

Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for...

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 $45,400. 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. What is their child and dependent care credit?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Child and Dependent Care Credit (LO 6.3) Marty and Jean are married and have 4-year-old twins....
Child and Dependent Care Credit (LO 6.3) Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 10 months of the year, and Marty earns $52,900. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,600. 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...
1. For tax year 2017. Marty is 17 years old, in high school, and is claimed...
1. For tax year 2017. Marty is 17 years old, in high school, and is claimed as a depended by his parents. He earned $950 in 2017 at a summer job; he has no other income. a. Will Marty’s employer send Him a W2 for this small amount? b. If Marty files a tax return what will be the amount of his standard deduction? c. What will be his personal exemption amount on his tax return? d. Under what conditions...
Ann works full-time as a crossing guard at an elementary school. She is a married 34...
Ann works full-time as a crossing guard at an elementary school. She is a married 34 year-old G1P0, 32 weeks pregnant woman and reported to her OB this morning that she has been experiencing some “spotting”. She has just been told by her OB that she as PLACENTA PREVIA and has been sent home on bedrest. • What is Placenta Previa? • How may this diagnosis affect the rest of her pregnancy? Her home life/ emotional/ financial/ sexual needs? •...
Jean is a 34 year-old woman who is pregnant for the first time. She has a...
Jean is a 34 year-old woman who is pregnant for the first time. She has a sister who had spina bifida and an older brother who had a stroke when he was 14. Jean has tested positive for presence of a genetic defect known as 677C>T in the methylene-tetrahydrofolate reductase (MTHFR). She is worried about using the traditional prenatal vitamin-mineral supplement because she has been cautioned that she is unable to metabolize folic acid from diet and supplements. She is...
Scenario you are a 30 year old college student going to school for business and will...
Scenario you are a 30 year old college student going to school for business and will graduate in a year. Instructions: Find a company online where you would like to apply for a job. Research the company and write a description using the guidelines below. Answer the question: Why do you want to work for this company? Do Your Homework When I say, “homework” I am referring to research and preparation in three key areas: Know yourself Know the company...
H and W are married and have twins that are attending State University as freshmen this...
H and W are married and have twins that are attending State University as freshmen this year. State University is on the semester system and charges $10,000 tuition per semester. H and W pay State University $20,000 this year. H and W have adjusted gross income of $165,000. The allowable HOPE (or American Opportunity Tax Credit) credit for H and W is a. $5,000 b. $2,000 c. $1,250 d. $3,750 e. $0
A study was conducted of recent high school graduates who began full-time jobs rather than going...
A study was conducted of recent high school graduates who began full-time jobs rather than going to college. We wish to find the average starting income µ of such workers. A random sample of size 60 gave a sample mean of $24,500 with a population standard deviation of $2350.Round answers to 2 decimal places. Find the standard error. Identify the upper and lower z score for a 95% confidence interval for µ. Calculate the upper and lower bounds of the...
A study was conducted of recent high school graduates who began full-time jobs rather than going...
A study was conducted of recent high school graduates who began full-time jobs rather than going to college. We wish to find the average starting income µ of such workers. A random sample of size 60 gave a sample mean of $24,500 with a population standard deviation of $2350.Round answers to 2 decimal places. Find the standard error. Identify the upper and lower z score for a 95% confidence interval for µ. Calculate the upper and lower bounds of the...
James is a 67-year-old black male who is a retired high school teacher and is married,...
James is a 67-year-old black male who is a retired high school teacher and is married, with two grown children. He was diagnosed a year ago with group B COPD. He has a 49-pack-year history and, unfortunately, continues to smoke cigarettes. James was admitted 1 week ago with his first COPD exacerbation. He is currently receiving oxygen via nasal cannula at 2 L. It is anticipated that he will be discharged in 2 days. AS a Case Manager, you will...
Twins Kate and Allie will be going to college in 15 years. Their parents have decided...
Twins Kate and Allie will be going to college in 15 years. Their parents have decided that Dad will start a savings fund for Kate. He will deposit $2,000 into an account the first of each year. That account earns 7% and interest is compounded annually. Their mother will also deposit $2,000 into an account for Allie, but she is going to make those deposits at the end of each quarter and the account pays 7.5% compounded quarterly. Who will...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT