Dependent care credit amount problem, Accounting Basics

+44 141 628 6080
[email protected]

Dependent care credit amount problem

Andrew and Irma are married and file a joint return. In 2013, Irma worked fulltime and earned $15,000, while Andrew worked fulltime and earned $13,000. Assume their 2013 AGI equaled $28,000. Assume they incurred $9,000 of child care expenses during 2013 for their ONE dependent child, Pavlina (who is 5 years old). What is their child and dependent care CREDIT amount?

a. $9,000

b. $3,000

c. $1,000

d. $840

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Dependent care credit amount problem

Reference No:- TGS041549

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Market share versus profits in banking

The bankers admit that they earned relatively high net interest margins and returns on equity and assets during the 1990s even as these market share trends were in progress.

Q : Exercised an incentive stock option

Betsy, a corporate executive, exercised an incentive stock option ("ISO") granted by Betsy's employer to purchase 10,000 shares of the corporation's stock at the option price of $1 per share (i.e., the exercise price was $1 per share).

Q : Determining the expected life and resale value

Stockholm Company is interested in buying a machine with uncertain life. The following table shows its expected life and resale value:

Q : Calculate the amount-earned income credit

Jessie, a single parent, lives in an apartment with Jessie's TWO minor children (John and Jacqueline), whom Jessie supports. For 2013, Jessie will have AGI and earned income of $20,000. Calculate the amount, if any, of Jessie's earned income credi

Q : Dependent care credit amount problem

Assume their 2013 AGI equaled $28,000. Assume they incurred $9,000 of child care expenses during 2013 for their ONE dependent child, Pavlina (who is 5 years old). What is their child and dependent care CREDIT amount?

Q : What is the gain or loss that jennifer report

What is the gain or loss that Jennifer should report for 2013 if she sold the stock to Olga in 2013 for $60,000 (ignore any gift tax that may have been paid on the transfer from Betsy to Jennifer)?

Q : Determining the arithmetic average

Estimates using the arithmetic average will probably tend to _____ values over the long-term while estimates using the geometric average will probably tend to _____ values over the short-term.

Q : Gain or loss related to transfer

Now, assume that in the previous question Jennifer sold the stock to Olga for $90,000 (instead of $60,000). What is the gain or loss that Jennifer should report (again, ignore any gift tax that may have been paid on the transfer from Betsy to Jenn

Q : Principal financial statements of a corporation

What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement.

1940388

Questions
Asked

3,689

Active Tutors

1450562

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Dependent care credit amount problem

Reference No:- TGS041549

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Market share versus profits in banking

Q : Exercised an incentive stock option

Q : Determining the expected life and resale value

Q : Calculate the amount-earned income credit

Q : Dependent care credit amount problem

Q : What is the gain or loss that jennifer report

Q : Determining the arithmetic average

Q : Gain or loss related to transfer

Q : Principal financial statements of a corporation

Which action should the triage nurse implement first

Client diagnosed with bipolar disorder is admitted

Examples of budgeting and resource management principles

Problem about client diagnosed with schizophrenia

Why dental hygienists cannot administer nitrous oxide

Discuss - preoperative diagnosis: right ureteral stone

Determine the appropriate cpt procedure code

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Dependent care credit amount problem

Reference No:- TGS041549

Recent Questions Asked Accounting Basics

Q : Market share versus profits in banking

Q : Exercised an incentive stock option

Q : Determining the expected life and resale value

Q : Calculate the amount-earned income credit

Q : Dependent care credit amount problem

Q : What is the gain or loss that jennifer report

Q : Determining the arithmetic average

Q : Gain or loss related to transfer

Q : Principal financial statements of a corporation

Asked Questions