What is carmella child care credit

Assignment Help Accounting Basics
Reference no: EM133182470

Question - Carmella is divorced and has two children, ages 3 and 9. For 2021, her adjusted gross income is $140,000, all of which is earned income. Carmella's younger child stays at her employer's on-site child-care center while she works. The benefits from this child-care center qualify to be excluded from her income. Carmella's employer reports the value of this service as $3,000 for the year. This amount is shown in box 10 of Carmella's Form W-2, but is not included in taxable wages in box 1. A neighbor cares for Carmella's older child after school, on holidays, and during the summer. Carmella pays her neighbor $2,400 for this care. What is Carmella's Child Care Credit for 2021?

Reference no: EM133182470

Questions Cloud

What is the future value of ordinary annuity : What is the future value of a 6%, 5-year ordinary annuity that pays $250 each year? Do not round intermediate calculations
What is the weighted average cost of capital : If the after-tax cost of debt is 12% and the cost of common equity is 6%, what is the weighted average cost of capital (WACC)
Consumer choice important in health care marketing : Why is consumer choice important in health care marketing, and why is it especially important for medical tourism decisions?
What is the total cost of the departmental work in process : Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the departmental work in process
What is carmella child care credit : Carmella is divorced and has two children, ages 3 and 9. For 2021, her adjusted gross income is $140,000, What is Carmella Child Care Credit
Appeal of traditional marketing to various audiences : Compare your views on the appeal of traditional marketing to various audiences. How do they differ from your peers' views? How are they the same?
Discuss the accounting equation and describe examples : Discuss the accounting equation and describe at least five examples of each element. What is a classified balance sheet and what are its advantages
Calculate the company depreciation and amortization expense : Refer to the following financial information of Scholz Company: NOPAT 8,250,000. Calculate the Company's depreciation and amortization expense
Knowledge management tools : Does your organization use any knowledge management tools, such as enterprise social networking tools, collaboration tools, to promote communication

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the company non-capital loss for income tax

Dividend income from taxable Canadian corporations 22,500. Find the company's non-capital loss for income tax purposes for 2018

  What cash balance do you need in your retirement account

What cash (nominal) balance do you need in your retirement account on your 65th birthday to provide you with your desired retirement spending stream

  Which of the assets may not qualify as a qualifying asset

Which of the assets may not qualify as a qualifying asset? Investment property measured under the fair model. / Property, plant and equipment

  What amount should bell report as inventory

The company sold $40,000 worth of inventory f.o.b. shipping point. What amount should Bell report as inventory at the end of the year

  Estimated salvage value

The MRI Trailer costs $600,000 and has an expected life of 5 years with an estimated salvage value of $200,000 at that time.  After some extensive research, the numbers we have come up with look like this:

  What is the depreciation expense for the year

What is the depreciation expense for the year 2015 if the corporation uses the units-of-production method of depreciation?The corporation used the machine

  At what sales price for the new product produce same income

At what sales price for the new product will the two alternatives (sell as is or process further) produce the same operating income

  What is the breakeven point of the company factory

A new subsidiary in the group has a monthly operating expenses of about $55,000. What is the breakeven point of the company factory

  Compute how much baltimore company should report

Use this information to determine, compute how much Baltimore Company should report for its investment in Towson Company on December 31, 2018

  Prepare the stockholder equity section of the balance sheet

Paid up capital in excess of par common stock 174000 and non-controlling interest 63000. Prepare the stockholder equity section of the balance sheet

  Determine the estimating cost function with machine-hours

Use the high-low method to determine the estimating cost function with machine-hours as the cost driver

  Complete the following schedule as of december

Complete the following schedule as of December 31, 2014, to analyze the differences among the three cases

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