Mary and John are married and have AGI of $100,000 and two young children. John doesn’t work, and they pay $6,000 a year to day care providers so he can shop, clean, and read a little bit in peace. How much child and dependent care credit can Mary and John claim? Why?
Answer to relevant QuestionsYour supervisor has asked you to research the following situation concerning Scott and Heather Moore. Scott and Heather are married and file a joint return. Scott works fulltime as a wildlife biologist, and Heather is a ...1. Joan, a single mother, has AGI of $85,000 in 2014. In September 2014, she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan’s American Opportunity credit for ...Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie’s parents have AGI of $170,000, what is the American Opportunity tax credit ...Explain the purpose of the provision in the tax law that taxes unearned income of certain minor children at their parents’ tax ...During 2014, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30)........... $21,500 Baking equipment (June 30) ................ 6,500 Assume that ...
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