What is the maximum amount that can be deducted by mr fortin

Assignment Help Financial Management
Reference no: EM132405119

Question

Both Mr. Fortin and Mrs. Fortin are employed. They have three children, none of whom qualify for the ITA 118.3 disability tax credit. Their ages are 2, 4 and 15 years old. During the year, Mr. Fortin opened a restaurant and had business income of $8,000. Mrs. Fortin had employment income of $63,000, mostly from commission sales.

Since Mrs. Fortin's work required a good deal of travel away from home and Mr. Fortin's new restaurant required him to work long hours, including many evenings, they had to pay for care of their children. Payments for child care amounted to $200 per week, for a total of 48 weeks.

What is the maximum amount that can be deducted by Mr. and Mrs. Fortin for child care expenses?

Reference no: EM132405119

Questions Cloud

What is the difference between an observation and inference : What is the difference between an observation and an inference? Why is it important to quantify your data?
Discuss the significance of intercellular junctions : Discuss the significance of intercellular junctions and extracellular matrix in cancer metastasis (spreading).
What is the effect of the above on brians income : Scott Bicycle Manufacturing Ltd. is a CCPC. Brian Mills, one of the employees, was granted a stock option on October 11, 20X1 for 10,000 shares at $3 per share.
Identify two organs in the digestive system : Identify two organs in the digestive system and list one specific structural feature each has to help it perform its function.
What is the maximum amount that can be deducted by mr fortin : Since Mrs. Fortin's work required a good deal of travel away from home and Mr. Fortin's new restaurant required him to work long hours.
Differences in genomes and reproduction : How do the differences in genomes and reproduction increase the diversity of eukaryotes as compared to prokaryotes?
What will be her taxable capital gain for this sale : In 20X1, Amanda bought a piece of land for $200,000. In 20X2, she sold this land for $300,000. She paid $7,500 in commission and $2,500 in legal fees.
Describe three hernias : Describe three hernias. Also describe its location in the body, the structures involved, and for the eponyms, indicate why it has been named as it has.
When performing the traditional crystal growing experiment : When performing the traditional crystal growing experiment, what would the crystal structure tell us about living things?

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

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