User Account

All Pages

What is the maximum child care deduction

Assignment Help Accounting Basics
Reference no: EM133051406

Question - Henry and Maria Jones were both employed full-time during the year. The Jones's have 3 children: Gloria (age 12), Billy (5 years old) and Gordo (3 years old). The Jones employed a nanny to look after their children and paid her $24,000 for the year. In addition, during August, the 5-year-old went to overnight camp for 3 weeks at a cost of $400 per week. The Jones' family income is summarized below:

 

Mary

Sam

Salary and taxable benefit

28,500

 

Employment expense

(5,800)

 

Business income...

 

 

Revenues

 

75,000

Expense deductible for tax purpose

 

(45,000)

Interest income

1800

3500

Required - What is the maximum child care deduction that can be claimed by the Browns in the year?

Reference no: EM133051406

Questions Cloud

Describe the business analytics models : In early 2012, the New York Times reported the story of a Target data scientist who was able to predict if a customer was pregnant based on her pattern of previ
Health system cultural competency plan : Individuals with disabilities represent a group of clients and patients who may need additional supports in healthcare settings.
What journal entry should be recorded for the legal fees : Lynne Corporation acquired a patent on May 1, 2019. Lynne paid cash of $35,000 to the seller. What journal entry should be recorded for the legal fees
What is the standard deviation associated : What is the standard deviation associated with this probability?
What is the maximum child care deduction : The Jones's have 3 children: Gloria (age 12), Billy (5 years old) and Gordo (3 years old). What is the maximum child care deduction
What is digital rights management : Why is intellectual property entitled to legal protection? What is Digital Rights Management? Was Napster responsible for the actions of its users?
Professional philosophy statement : As part of your e-portfolio that is due in Week Four, you will include a statement of ethics. In this week's blog post, please compose a statement of ethics.
Define the decision variables-objective function : Recent regulations require that no more than 8,000 units are to be shipped from the plant in Kingston to the Warehouse located in Hamilton.
Determine new account balances after each transaction : Determine new account balances after each transaction - Prepare a June unadjusted income statement, a June unadjusted statement of retained earnings

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss what is causing these variances

Determine direct cost variances and two overhead variances

  How would you address the accounting effects

How would you address the accounting effects of this approach with upper management? Also, in your view, what would be the next steps for improvement that the company would need to undertake in order to correct the problem?

  How to determine the amount of net income for march

How to Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month

  Describe the nature of depreciation as the term is used

Does the recognition of depreciation in the accounts provide a special cash fund for the replacement of fixed assets? Explain.

  The irs adjustment caused a tax deficiency to be assessed

The IRS adjustment caused a tax deficiency to be assessed for both the regular income tax and the AMT.

  How much should be shown as the total increase in cash

A deposit of NCT Company, P32,750 was credited by bank in error to the company's account. How much should be shown as the total increase in cash

  The dont tread on me tire company had retained earnings at

the dont tread on me tire company had retained earnings at december 31 2013 of 200000. during 2014 the company had

  Differentiate variable and fixed costs in use of machine

To differentiate the variable and fixed costs in the use of this machine for future planning, use the high-low method to determinethe variable cost per copy and compute the flat fee.

  What are some of the downsides to the internet of things

Do you currently use any IoT devices now? If so, what are they? If not, which IoT devices have you heard of or would you like to try?

  During 2014 lowes company sold equipment with a book value

during 2014 lowes company sold equipment with a book value of 90000 for proceeds of 109000. the company purchased new

  Calculating net sales and income from continuing operations

Using the Selected Financial Data section of these two companies, determine their 5-year average growth rates related to net sales

  Determine the amount due on the note

MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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