Martha has a 3-year old child and pays $10,000 a year in day care cost. Her salary is $45,000. How much is her child and dependent care credit?

Q: Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 11…

A: A tax is a compulsory contribution or financial charge levied by the government on the income earned…

Q: Alex and Tony are twins. After graduation and being finally able to get a good job, they plan for…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…

A:

Q: Mary is a single mother with 2 children: Ted, age 14, and Cindy, age 10. Her adjusted gross inco…

A: The dependent and childcare credit seems to be a tax benefit available to individuals who spend on…

Q: Julie paid $3,300 to the day care center and her AGI is $401,200.  What amount of child and…

A: Dependent and Child care credit requires cares for a dependent child or disabled dependent. Credit…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: The Child and Dependent Care Credit seem to be a nonrefundable tax credit available to taxpayers…

Q: The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses…

A: T lives in the United States with his family. He has purchased family health insurance.…

Q: John, 38, makes $125,000 per year. He has a 35 year old wife, Nancy, and a daughter who just turned…

A: The disparity between the current value of currency inflows and outflows over a span of time is…

Q: What is Leah’s total annual compensation?

A: The total annual compensation of Leah would consists of annual salary plus employer's contribution.…

Q: Hinda works for LMN in Nova Scotia and earns an annual salary of $70,000.00 paid on a bi-weekly…

A: Answer:

Q: Paul & Sally are married and have a combined household income of $80,000 per year. They're trying to…

A: TAX LIABILITY is the total amount of tax debt owed by an individual, corporation, or other entity to…

Q: Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2%…

A: The question is based on the calculation of gross monthly income and net monthly income . Net income…

Q: Martha and Jean are married and have 4-year old twins. Jean is going to school full-time for 9…

A: $900. Jean gets credit for $500, a month of earned income while she attends school for nine months,…

Q: Dustin Ambrose is married and claims 3 allowances. His gross weekly pay is $628.00. Each week he…

A: Net Pay: Net Amount receivable after all the deductions.

Q: What is the amount of dependent care credit for a couple with two children where they spend $5,000…

A: Dependent care credit can be claimed upto $3000 for one dependent and $6000 for two or more…

Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…

A: The social security tax rate is 6.2% per year multiplied by 2.   The withholding social security…

Q: Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What…

A: We have the following information: Donna has a salary of $104,500 Interest Income: $20,000

Q: Tiffany and Carlos are married and have two children, Mikey is 13 years old and Susie is 25.  Both…

A: Here asked for multi question we will solve for first question as per the guidelines.  If you need…

Q: Remy works at a small shop and earns $15,293 a year. She enrolled and was accepted in a university.…

A: Opportunity cost is the potential earning from one alternative when individual chooses another over…

Q: Suppose Gretchen's health insurance has a $500 annual deductible. Gretchen is responsible for 20…

A: A copay (or copayment) is a one-time cost that you pay when you see your doctor or fill a…

Q: Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment…

A: GIVEN     Kevin and Shuang have two children, ages 8 and 14.   In 2021 they spend $16,200 on…

Q: What is the amount of his child and dependent care credit?

A: Given Jack paid = $5000 in day care as expenses Daughter age = 5 years His AGI = $37500

Q: Samantha makes $28.00 per hour and is paid for a 40 hour work week. She pays 15% federal income tax,…

A:

Q: Mark and parveen are the parents of three young children. Mark is a store manger in a local…

A: EAsy Method to estimate the Family's life insurance needs means the amount of salary for 7 years at…

Q: Ms. J has a 6 year old son and a 5 year old daughter. J pays $8000 a year as a day care cost. Her…

A: An individual is qualified for a deduction in income tax calculation for any expenses paid towards…

Q: Joseph graduates from High School and enrolls in college in the Fall. Her parents pay $4,000 for his…

A: American opportunity tax credit The american opportunity tax credit (AOTC) is a reduction that…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: Workings:

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: Solution:- Calculation of child and dependent care credit as follows:- Basic information:- Dependent…

Q: Ivanna who has three children under age 13 worked full-time while her spouse Sergio was attending…

A: You may be able to claim the credit if you pay someone to care for your dependent who is under age…

Q: Sharon and Brian are in good health and have reasonably secure careers. Each earns $45,000 annually.…

A: Given: Earning =$45000 each i.e. $$90000Home mortgage=$125000Car loans =$25000Student loan…

Q: Sammy's employer pays for 40% of her annual health insurance premium of $5,150.00. Sammy pays the…

A: As the employer is paying 40% of the premium Sammy will pay the balance of 100% - 40% = 60%

Q: Amy makes her first $15,000 payment into a conservative savings plan, earning 8% per year into her…

A: An investor is investing into the firm for the purpose of gaining returns. This could be on lumpsum…

Q: Samantha moved from Regina to Winnipeg to work at Red River College. Her moving expenses included…

A: Moving allowances - It includes all such expenses which is incur for moving of household goods and…

Q: Mr. & Mrs Grnager both work full time.  They have three children ages 16, 6, and 3.  In 2021, the…

A: Here the details of qualified expenses which can be used for claiming the child and depend care…

Q: Philip works at a nursing home as an aide and earns $27,000 a year. IF he went to school to get a…

A: An education loan seems to be an amount of money obtained to cover the costs of graduate school or…

Q: Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15.…

A: Time value It tells that money received by an individual today has more worth than that of receiving…

Q: Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work…

A: Salary - It is the amount of compensation will paid by the employer to employee for the performance…

Q: Daryl purchases $250,000 worth of life insurance at a rate of $15 per $1000. If he pays quarterly,…

A: When a person Purchases  or sells Property , property taxes are paid. Life Insurance is a contract…

Q: Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…

A: It is assumed that Sergio is fully employed and have earned $500 for 9 months     $500 * 9 months…

Q: ulie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: Child and dependent care credit = $1,500

Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…

A: Present value denotes the present worth of money by discounting the future cash flows whereas future…

Q: Mary, who is married and the mother of three, is 35 years and expects to work until 75. She earns…

A: The life insurance is a protection for family members of insured as they received the insurance…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: Your adjusted gross income (AGI) is used by the Internal Revenue Service to determine your tax…

Q: Chin, who is not married, provides a home for his 21-year-old daughter who attends college full-time…

A: A tax credit is something that helps a person decrease his or her overall tax liability. There are…

Q: Karen’s Moore is married, claims five withholding allowances, and earns $3,500 per month. In…

A: State tax = gross pay * tax rate = 3500 * 2.1% = $73.5 State disability insurance = gross pay * 1/2…

Q: Julie’s monthly net salary is $6500, and she budgets $1820 for housing expenses. What percent of her…

A: Housing expenses as a percentage of monthly Net Salary = Monthly Housing expenses/ Monthly Net…

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: Child and dependent care expenses are deductible up to $3000 per child and $6000 per two child for…

Q: Tina is a single mother. /she has a son, Jared who is 2 yes old because Tina works full time she…

A: The Child and Dependent Care Benefits is a tax benefit offered by the IRS where in the tax payer…

Consumer Credit Counseling Services

Credit counseling teaches consumers about credit, budgeting, money management, and debt management. The counselor ensures that consumers can pay off their debts without declaring bankruptcy. Counselors also assist the negotiator, who negotiates with creditors on behalf of their clients to reduce interest rates on outstanding debt. Counselors can offer credit counseling to customers before or after they take on debt. Consumer Credit Counseling Services (CCCS) is a non-profit organization that offers credit counseling services. Some organizations can also be for profit. This type of organization comprises a group of professionals who are skilled negotiators.