Compute the tax liability or refund, Accounting Basics

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Compute the tax liability or refund

Assignment task:

Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use 2023 tax law.

Use these instructions: 2023 Instruction 1040 (irs.gov).

Andy and Sally are married and under 50. They have 3 children ages 7,9 and 11. They pay Sally's mom $200 a month for the entire year to care for the children.

Sally's salary (Federal withholding $ 800) 8,000

Andy's salary (Federal withholding $500) 7,000

If they take a standard deduction, compute their taxable income:

Do they qualify for an earned income credit? Why or why not? If so, how much?
Do they qualify for a childcare credit? Why or why not? If so, how much?
Do they qualify for a child tax? Why or why not? If so, how much?
Compute their tax -please show your work.
Compute their tax liability or refund:

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Accounting Basics: Compute the tax liability or refund

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Accounting Basics: Compute the tax liability or refund

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