Mr. Renaud and Ms. Fortune have lived together for over 15 years and have three children....
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Mr. Renaud and Ms. Fortune have lived together for over 15 years and have three children. The ages of the children at the end of the current year are 3, 11, and 15. All three children enjoy good mental and physical health. Mr. Renaud works as a carpenter and has received income for the year of $52,000. However, he will only report S12,000 of this total in his current tax return (he believes that, because most of the income is received in cash and he has no receipts for his expenses, he does not have to report the full amount). Ms. Fortune has business income of $62,000, all of which she reports. The child care costs for the current year, all paid for by cheque and properly documented for tax purposes, total $11,200. Determine the maximum deduction for child care costs and indicate who should claim them. Mr. Renaud and Ms. Fortune have lived together for over 15 years and have three children. The ages of the children at the end of the current year are 3, 11, and 15. All three children enjoy good mental and physical health. Mr. Renaud works as a carpenter and has received income for the year of $52,000. However, he will only report S12,000 of this total in his current tax return (he believes that, because most of the income is received in cash and he has no receipts for his expenses, he does not have to report the full amount). Ms. Fortune has business income of $62,000, all of which she reports. The child care costs for the current year, all paid for by cheque and properly documented for tax purposes, total $11,200. Determine the maximum deduction for child care costs and indicate who should claim them.
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Related Book For
Applied Statistics in Business and Economics
ISBN: 978-0073521480
4th edition
Authors: David Doane, Lori Seward
Posted Date:
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