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How much of insurance premiums and expenses for childcare

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Stephanie works at Madison, Co. where she earned a salary of $75,000. Stephanie and Steven participate in a healthcare plan through Madison, Co., where the company covers all insurance premiums ($10,000). Madison, Co. also offers employees discounted on-sight childcare. The couple's two children (ages 6 and 8) both go to childcare at Madison, Co (the total cost of $16,000 is paid half by Madison, Co. and half by Stephanie).

Problem 1: How much of the insurance premiums and the expenses for childcare must be included as gross income in Stephanie's and Steven's tax return?

Reference no: EM132817163

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