Mr. and Mrs. Borem spent $1,435 for child care for their two dependent children, who are two and four years old. Mr. Borem's earned income was $55,870, Mrs. Borem had no earned income, and the AGI on their joint return was $66,210. Calculate their dependent care credit.
A. $1,435
B. $0
C. $287
D. $502
Answer: B
You might also like to view...
Which of the following forms is typically given to employees at the end of the calendar year so that employees canfile their individual income tax forms?
a. Employee's Withholding Allowance Certificate (W4) b. Wage and Tax Statement (Form W-2) c. Employer's Quarterly Federal Tax Return (Form 941) d. 401k plans
All of the following statements are true except:
a. The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP. b. The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS. c. IFRS requires a liability to be recorded as a present value amount. d. Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.
Why would a small retailer not be interested in selling at kiosks situated in airports?
A. The rent per square foot is very expensive. B. The high foot traffic can be helpful for testing the response to new products. C. Relatively inexpensive compared to a regular sized store D. The location is often convenient for workers. E. The retailer can offer seasonal merchandise that closes after the season.
A structure of interrelated elements that enables management to plan, control, and evaluate performance is referred to as a _____________________________________________
Fill in the blank(s) with correct word