Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and Kelly (4-year-old twins). The Rashevs employed a nanny to look after their children and paid her $15,000 for the year. In addition, during July, Susie went to overnight camp for two weeks at a cost of $250 per week. The Rashevs' family income is summarized below: Meg James Salary & taxable benefits Employment expenses [sec. 8] Business income: Revenue Expenses Interest income $46,000 (2,800) $50,000 (32,000) 1,500 What is the maximum child care deduction that can be claimed by the Rashevs in the year and who can claim it? 800
Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and Kelly (4-year-old twins). The Rashevs employed a nanny to look after their children and paid her $15,000 for the year. In addition, during July, Susie went to overnight camp for two weeks at a cost of $250 per week. The Rashevs' family income is summarized below: Meg James Salary & taxable benefits Employment expenses [sec. 8] Business income: Revenue Expenses Interest income $46,000 (2,800) $50,000 (32,000) 1,500 What is the maximum child care deduction that can be claimed by the Rashevs in the year and who can claim it? 800
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 79IIP
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![Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and
Kelly (4-year-old twins). The Rashevs employed a nanny to look after their children and paid her $15,000 for the year. In addition, during July, Susie went to
overnight camp for two weeks at a cost of $250 per week. The Rashevs' family income is summarized below:
Meg
James
Salary & taxable benefits
Employment expenses [sec. 8]
Business income:
Revenue
Expenses
Interest income
$46,000
(2,800)
800
$50,000
(32,000)
1,500
What is the maximum child care deduction that can be claimed by the Rashevs the year and who can claim it?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffad92e27-839b-419e-b216-5aaa42297558%2F5a154665-24ae-4ff0-a08e-035fc33c09e3%2F5g2cgk_processed.png&w=3840&q=75)
Transcribed Image Text:Meg and James Rashev were both employed full-time during the year. The Rashevs have four children: Joanne (age 17), Susie (age 14), and Sarah and
Kelly (4-year-old twins). The Rashevs employed a nanny to look after their children and paid her $15,000 for the year. In addition, during July, Susie went to
overnight camp for two weeks at a cost of $250 per week. The Rashevs' family income is summarized below:
Meg
James
Salary & taxable benefits
Employment expenses [sec. 8]
Business income:
Revenue
Expenses
Interest income
$46,000
(2,800)
800
$50,000
(32,000)
1,500
What is the maximum child care deduction that can be claimed by the Rashevs the year and who can claim it?
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