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In: Accounting

1) Tony and Lisa are married and file a joint return. They have two children, ages...

1) Tony and Lisa are married and file a joint return. They have two children, ages 2 and 4. Their combined AGI is $86,300. Tony's earned income is $50,000; Lisa's is $36,300. They incur $6,200 in child care expenses ($3100 per child) to enable them to be employed during the current year. Their child and dependent care credit is

$6,200.

$1,240.

$1,200.

$6,000.

2) Connie has AGI of $90,000 and owns rental property generating a $27,000 loss. She actively manages the property. Her deductible loss is

$0.

$13,500.

$25,000.

$27,000.

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ekkarill92 answered 1 year ago
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