Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and Mary earned income of $30,000 and $74,000 respectively, during 2021. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center for John $6,700 Wilma (Robert's mother) for babysitting John $4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2021 (assume no tax liability limitation)? Oa. $2,140 Ob. $3,000 Oc. $5,350 Od. $10,700 e. None of these choices are correct.
Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and Mary earned income of $30,000 and $74,000 respectively, during 2021. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center for John $6,700 Wilma (Robert's mother) for babysitting John $4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2021 (assume no tax liability limitation)? Oa. $2,140 Ob. $3,000 Oc. $5,350 Od. $10,700 e. None of these choices are correct.
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and Mary earned income of $30,000 and $74,000,
respectively, during 2021. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John:
Union Day Care Center for John
$6,700
Wilma (Robert's mother) for babysitting John
$4,000
What is the amount of the child and dependent care credit they should report on their tax return for 2021 (assume no tax liability limitation)?
Oa. $2,140
Оь. $3,000
Oc. $5,350
Od. $10,700
Oe. None of these choices are correct.
Transcribed Image Text:Jenny constructed a building for use as a residential rental property. The cost of the building was $164,976, and it was placed in service on August 1,
1999. The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2021 for tax purposes?
Oa. $2,250
Оb. $3,000
Oc. $6,547
Od. $6,000
Oe. None of these choices are correct.
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT