Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their children ages 3 and 5 while they worked. Their AGI for 2022 is 65,800. Compute their dependent care tax credit for 2022

Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their children ages 3 and 5 while they worked. Their AGI for 2022 is 65,800. Compute their dependent care tax credit for 2022

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 5CE

See similar textbooks

Related questions

Q: As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Johnson Inc. produces leather handbags. Johnson Inc. estimates it will use 4,100 square meters of…

A: The future purchases can be estimated using reliable data regarding past experiences and production…

Q: Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net…

A: Ratios are computed to find out the financial performance of the entity. These are determined in…

Q: Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @…

A: Particulars Purchase sale.…

Q: assume that deans AGI this year is $230,000. Determine deans itemized deduction for his charitable…

A: If a person donates to charity, they can deduct their donations from their taxes as long as the sum…

Q: 1) On Jan. 2, 2022, Best Buy issued a $60,000,000, 8%, 5-year bonds that pay semiannual interest on…

A: BOND Bond is a Financial Securities which is Generally Issued by the Corporation's &…

Q: cribe a specific scenario of how you would use a pro forma financial statement?

A: Financial statements are very useful and they gives us insight into the performance of the company…

Q: Transitory Company acquired the following equity securities: December 31, 2022 Moon Company Star…

A: Statement of financial position A statement of financial position is frequently used to evaluate a…

Q: I have a little issue with one accounting assignment where they ask to calculate the WACC. However,…

A: No, you should not include penalties, since WACC does not include liabilities that are not debt.…

Q: Smith, Thompson and Nickels have a partnership. Their capital balances are $90,000, $130,000 and…

A: Bonus method of Accounting:- The bonus method is used to grant a new partner additional capital in a…

Q: [The following information applies to the questions displayed below. Maple Corporation, a…

A: Gain arises when the cash received is higher than the stock basis amount. The gain is considered to…

Q: Exercise 5-10A (Algo) Lower-of-cost-or-market rule: perpetual system LO 5-2 The following…

A: Individual Item Method :— Under this method, cost & market value of each item is compared and…

Q: luction and Purchases Budgets in t the end of business on June 30, 2009, the Wooly Rug Company had…

A: Requirement:-a Preparation of production budget as follows under:- Note:- Ending inventory is 40% of…

Q: Use the following account balances from the adjusted trial balance of Flora Wholesalers: Credit…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: The Taylors have purchased a $310,000 house. They made an initial down payment of $40,000 and…

A: The process of progressively lowering an account balance over the course of time is referred to as…

Q: Kingbird Company sells one product. Presented below is information for January for Kingbird Company

A: FIFO inventory system states that the inventory purchased first would be sold first by the company.…

Q: How was the 268914 for depreciation and accumulated depreciation calculated? Ihave the same double…

A: Depreciation - Depreciation is charged to the fixed assets of the company for use, wear and tear,…

Q: eila inherited 300 shares of stock, 100 shares of Magenta and 200 shares of Purple. She has a…

A: There earning from the shares if you invest in the share market but there are taxes to be paid on…

Q: Kingbird Company began operations in 2025 and determined its ending inventory at cost and at LCNRV…

A: INTRODUCTION: Each journal entry provides information relevant to a particular business transaction,…

Q: Sarah has learned a lot from you over the past two months, and has compiled the following data for…

A: Budget performance report is prepared by the management accountants so as to find out the…

Q: Delta Corporation uses a process cost system and the FIFO cost flow assumption. Production begins in…

A: Under the FIFO Method of process costing, costs are transferred to next department and ultimately…

Q: 2) You deposit $100 every month in an account paying 1% annual rate compounded monthly. How much…

A: Solution The future value of annuity is the total value of a series of recurring payments at a…

Q: Economic order quantity Lead time Average usage Minimum usage Maximum usage kg 15-30 working days…

A: Inventory levels are very important in material planning and costing. There are formulas to…

Q: La

A: A thorough analysis of assets added and sold during the year is necessary. It lets you know the…

Q: cash transactions. (List all debit entries before credit entries. Credit account titles are…

A: Petty cash is a fund maintained for minor expenses. It is cash kept aside for small cash needs…

Q: QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for…

A: HORIZONTAL ANALYSIS Horizontal analysis is the comparison of historical financial information…

Q: Calvin’s AGI is $54,000. What is the charitable contribution deduction. What is the carryover?

A: Individual taxpayers can deduct charitable contributions to qualifying charity organisations. The…

Q: quivalent Units of Production The Converting Department of Worley Company had 560 units in work in…

A: Inventory in process beginning = Whole units x (1-40%) =560 x (1-40%) =336 units

Q: The vice president of operations of Scott Hall and Associates is evaluating the performance of two…

A: The profit margin is simply calculated by dividing the amount of income that an organization or…

Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…

A: Lease - A lease is a legal agreement that requires the user to pay the owner in exchange for using a…

Q: In 2022, when the Social Security wage base limitation was $147,000, Jacee received a $100,000…

A: FICA tax are applicable to the self employed in this there is no employer and employee than both are…

Q: Jun placed an investment of 1,086,000 which he earn from abroad to overseas kababayan savings bank…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

Q: What is a defined contribution benefit plan and explain the pros and cons

A: There are mainly two retirement plans available : Defined contribution plan and defined benefit…

Q: Merchandise with a list price of $3,900 and costing $2,000 is sold to a customer (MJ Co.) on…

A: JOURNAL ENTRIES Journal Entry is the Process of Recording all Financial & Non Financial…

Q: Expenses Advertising 1,200 Employees 7,680 License 1,100 Merchandise 1,500 Utilities…

A: The income statement is the representation of the company's net profit or a net loss. Is includes…

Q: Robert placed the following assets into service fir his packing and shipping company this year…

A: According to the Historical cost concept, Assets should be recorded at its original cost incurred at…

Q: Under the bonus method, when a new partner is admitted to the partnership, the total capital of the…

A: Partnership characteristics includes: Sharing of profits and losses Mutual agency Unlimited…

Q: a. Why are special controls needed for cash? b. What is included in the definition of cash?

A: Why are special controls needed for cash? There are a number of reasons why special controls are…

Q: Eight Independent situations are described below. Each Involves future deductible amounts and/or…

A: INTRODUCTION: Revenue is money generated by a firm through its operations. Depending on the…

Q: Worldwide Credit Card Inc. uses standards to control the labour time involved in opening mail from…

A: LABOUR COST VARIANCE Direct Labour Cost Variance (also termed Direct Wage Variance) is the…

Q: Trish and Ron form Pine Cororation. Trish transers inventory basis of $60,000 and fair market value…

A: Tax Consequence means any transaction or event in which the Managing Member shall engage or…

Q: 1. Is the company's net income the amount stated by the owner? 2. Is the company a good investment?…

A: As seen in the above Income statement, Net Income is equal to $36,700 as stated by the Owner. Hence,…

Q: Jones and Ray formed a partnership on January 1, known as JR Construction Co., to engage in the…

A: Partnership: An arrangement wherein two or more person or organisation work together to achieve a…

Q: Polly Corporation owns 80 percent of Sonny Corporation's stock and 90 percent of Daughter Company's…

A: As per the given information: Polly Corporation owns 80% of Sonny Corporation's stock90% of Daughter…

Q: Que Co. is a print shop that produces jobs to customer specifications. During January 2017, Job #305…

A: JOB COSTING JOB Costing method which is Applicable where the work Consists of Seperate…

Q: Matlhakala (Pty) Ltd in Botswana sold goods overseas for £200,000 on 28 March 2013 when the exchange…

A: Lets understand the basics. When transaction made by entity in currency other than their home…

Q: [The following information applies to the questions displayed below.] On January 1, 2024, Twister…

A: BOND Bond is a Financial Securities which is Generally Issued by the Company or Government to…

Q: Please explain calculation of Variable cost ratio in all three cases

A: Variable cost ratio is the ratio of variable costs to the sales. It is calculated by dividing the…

Q: The Baltic Company is considering the purchase of a new machine tool to replace an obsolete one.…

A: Capital budgeting is a process of estimating the future cash flow and adjusted it with the time…

Q: Current portion of long-term debt Connie's Bistro, Inc. reported the following information about its…

A: Long Term Debt - Long Term debt is the amount borrowed by the company for a more than one year. It…

Question

100%

Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their children ages 3 and 5 while they worked. Their AGI for 2022 is 65,800.

Compute their dependent care tax credit for 2022

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.
Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,000 in wages and $700 in interest in come. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. What is the amount of Jason and Mary's adjusted gross income?$____________ What is the amount of their itemized deductions or standard deduction? $____________ What is their taxable income? $____________
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible health insurance for all its employees. The plan has a 2,700 deductible for married taxpayers. Carrera also contributes 5 percent of each employees salary to a Health Savings Account. Tias salary is 30,000 in 2019 and 32,000 in 2020. Tia makes the maximum allowable contribution to her HSA in 2019 and 2020. She received 600 from the HSA for her 2019 medical expenses. In 2020, she spends 1,400 on medical expenses from her HSA. The MSA earns 28 in 2019 and 46 in 2020. a. What is the effect of the HSA transactions on Tias adjusted gross income? b. How much does Tia have in her HSA account at the end of 2020?