Paul and Maggie are married and want to file a joint return.Maggie is a U.S. citizen and has a valid Social Security number. Paul is a residentalien and has an ITIN. They resided in the United States all year with their children.Paul and Maggie have two children, Cheryl, age 4, and Mike, age 15. Cheryl and Mikeare U.S. citizens and have valid Social Security numbers.Paul earned $18,000 in wages.Maggie earned $20,000 in wages.In order to work, the Thomas's paid child and dependent care expenses of $3,500 fortheir daughter Cheryl to attend Busy Bee Child Care.Paul and Maggie provided all of the support for their two children.Paul and Maggie declined to receive advance payments for the Child Tax Credit.5. How much of the child care expenses paid to Busy Bee Day Care are used tocalculate the refundable child and dependent care credit? $___________(Do not enter dollar signs, commas, periods, or decimal points in your answer.)

The Child and Dependent Care Credit will be phased away in 2021. Because this is a refundable tax…

Answered: ocial Security numbers. Paul earned…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 45CP

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Paul and Maggie are married and want to file a joint return.
Maggie is a U.S. citizen and has a valid Social Security number. Paul is a resident
alien and has an ITIN. They resided in the United States all year with their children.
Paul and Maggie have two children, Cheryl, age 4, and Mike, age 15. Cheryl and Mike
are U.S. citizens and have valid Social Security numbers.
Paul earned $18,000 in wages.
Maggie earned $20,000 in wages.
In order to work, the Thomas's paid child and dependent care expenses of $3,500 for
their daughter Cheryl to attend Busy Bee Child Care.
Paul and Maggie provided all of the support for their two children.
Paul and Maggie declined to receive advance payments for the Child Tax Credit.

5. How much of the child care expenses paid to Busy Bee Day Care are used to
calculate the refundable child and dependent care credit? $___________

(Do not enter dollar signs, commas, periods, or decimal points in your answer.)

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Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.

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ocial Security numbers. Paul earned $18,000 in wages. Maggie earned $20,000 in wages. In order to work, the Thomas's paid