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Question: 1. Anika and Jespar are married and have two children ages 16 and 14. Their adjusted gross income for the year is $98,000.

a. What amount can they claim for the child credit?

b. What amount can they claim for the child credit if their adjusted gross income is $117,600?

c. What amount can they claim for the child credit if the children are ages 18 and 16 and their adjusted gross income is $96,000?

2. Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $85,000.

a. What amount can they claim for the child credit?

b. What amount can they claim for the child credit if their children are ages 16 and 13?

c. Assume the same facts as in part a, except that their adjusted gross income is $116,400?

3. Determine the amount of the child-and-dependent care credit to which each of the following taxpayers is entitled:

a. Caryle and Philip are married and have a 4-year-old daughter. Their adjusted gross income is $48,000, and they pay $2,100 in qualified child-care expenses during the year. Caryle earns $18,000, and Philip earns $30,000 in salary.

b. Natalie is a single parent with an 8-year-old son. Her adjusted gross income is $27,000, and she pays $3,100 in qualified child-care expenses.

c. Leanne and Ross are married and have 3 children, ages 6, 4, and 1. Their adjusted gross income is $78,000, and they pay $6,500 in qualified child-care expenses during the year. Leanne earns $48,000, and Philip earns $30,000 in salary.

d. Malcolm and Mirella are married and have 2 children. Mirella earns $55,000, and Malcolm has a part-time job from which he earns $4,000 during the year. They pay $4,800 in qualified child-care expenses during the year.

e. Andrew is a single parent with a 14-year-old son. Because he does not arrive home from work until 7 p.m., Andrew has hired someone to take care of his son after school and cook him supper. Andrew's adjusted gross income is $59,000, and he pays $3,400 in child-care expenses.

f. Assume the same facts as in part e, except that Andrew's son is 12 years old.

Accounting Basics, Accounting

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  • Reference No.:- M92709312

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