How much of the childcare expenses can be used

Assignment Help Accounting Basics
Reference no: EM132639732

Question - Aria and Logan Johnson have two children, Sara, age 2, and Mia, age 4. Logan is an engineer and Aria is a homemaker. The Johnsons paid $8,800 for Sara and Mia to attend daycare during the year. Logan received dependent care benefits from his employer of $2,000. Their AGI is $65,000, and their tax liability is $4,487. How much of the childcare expenses can be used to claim the child and dependent care credit?

a. $6,800

b. $ 0

c. $4,000

d. $6,000

Reference no: EM132639732

Questions Cloud

Market demand and market supply in the market of cigarettes : Problem 1. Analyzing tax incidence1. Draw the market demand and market supply in the market of cigarettes.
What amount of credit is she entitled to claim : Assuming she otherwise qualifies, which education credit best benefits Amy and what amount of credit is she entitled to claim
Discuss the company and the specific manufacturing costs : Discuss the company, its products, and the specific manufacturing costs it incurs. Categorize each cost into the three manufacturing cost categories
Fostering culturally sensitive-diverse clinic environment : What are some ways in which fostering a culturally sensitive and diverse clinic environment that makes patients feel more welcome may be accomplished?
How much of the childcare expenses can be used : Their AGI is $65,000, and their tax liability is $4,487. How much of the childcare expenses can be used to claim the child and dependent care credit
Compute the cost to produce one helmet : Compute the cost to produce one helmet. (Round answer to 2 decimal places, e.g. 15.25.) Total the dollar amounts in each of the columns.
How are the claims supported by archaeological evidence : How are these claims supported by "archaeological evidence"? What is the validity of the scientific arguments and evidence used in the advertising.
Philosopher roger scruton argues : Philosopher Roger Scruton argues that the contemplation of beauty provides a different sort of pleasure than the satisfaction of desire.
What is the amount of their child tax credit : Mia and Noah have four children, ages one month, 13, 15, and 19. What is the amount of their child tax credit/credit for other dependents

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd