Julie paid a day care to watch her 2 year old son. -she paid $5,900 to the day care and her AGI is $24,900. What is the child and dependent care credit.
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- Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10: a. Julie paid $2,260 to the day care center and her AGI is $52,600 (all salary). Child and dependent care creditEXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Credit Phase-Out for AGI (or earned income Income Eligible Maximum Credit Qualifying Children (2) if greater) Over This Amount for Credit Credit % (1) × (2) Married taxpayers filing joint returns 01100 11 LIS 0 $9,820 15.3% $1.502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6.728 25,470 21.06 All taxpayers except married taxpayers filing joint returns ORD CHIT EL 0 $9,820 15.3% $ 11,610 $1.502 3,618 1 10,640 34 19,520 2 14.950 40 5,980 19,520 3+ 14,950 45 6,728 19.520 Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov. SI DU નવીura વ (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51.464EXHIBIT 8-10 2023 Earned Income Credit Table Qualifying Children 0 1 2 34 0 1 2 3+ (1) Maximum Earned Income Eligible for Credit $7,840 11,750 16,510 16,510 (2) Credit % 7.65% 34 40 45 (3) Maximum Credit (1) x (2) Married taxpayers filing joint returns $16,370 28,120 28,120 28,120 (4) Credit Phase-Out for AGI (or earned income if greater) over This Amount $ 600 3,995 6,604 7,430 7.65% 34 40 45 $7,840 11,750 3,995 16,510 6,604 16,510 7,430 Source: Internal Revenue Code. "Rev. Proc. 2022-38." www.irs.gov All taxpayers except married taxpayers filing joint returns $ 600 (5) Phase-Out Percentage $9,800 21,560 21,560 21,560 7.65% 15.98 21.06 21.06 7.65% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,210 53,120 59,478 63,398 $17,640 46,560 52,918 $56,838
- ST Unit 8 Quest (11U) + pQLSf8ziezOsWz6j9T7OGVQSHI-6ls9bQrlQevfkKxle-RtQ3Rlg/formResponse Question 6: How much was the amount of the original loan? Regular Payment Rate of Compound Interest per Year Compounding Period semi-annual $1575 every 6 months 5.4% $8445.09 $17076.01 a. b. $14 444.94 $24 143.61 a b C. d. Time 6 yearsplan A plan B plan C Down payment 1,789.91 2,309.65 3,764.51 Annual payments 5,097.70 7,450.16 9,845.78 Years 20 20 20 Discount rate 12% 12% 12% What is the present value of plan B?What is the monthly net take home pay? * A. P25,000 B. P24,486.67 C. P23,385 D. P22,871.67
- Amount financed 18200 number of payments 72 monthly payment 425.08 finace charge 12405.76 whats the apr%Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Number of monthly Total of monthly Purchase price of a used car Amount Total finance Down payment APR payments financed payments charge 5,453 $ 1,113 48 24 5,509.76 acer %24 %24Use these factors to answer the following questions. i PV$1 FV$1 PVA FVA 3 8% 0.79383 1.25971 2.5771 3.2464 5 8% 0.68058 1.46933 3.99271 5.8666 60 0.67% 0.67121 1.48985 49.31843 73.4769 You decide to save $410 every month for five years to buy a new car. How much will you have at the end of the five years if you 1 earn 8%? $ (round to nearest dollar) You want to buy a $30,000 car today and will be making monthly payments for the next five years. What is your car payment if your borrowing rate is 8%? $ 2 (round to nearest dollar) 3 You accepted a job offer with a local company that has offered to give you a signing bonus of $10,000 today or a $13,000 bonus in 3 years (guaranteed). Your current investment rate is 8%. What is the best economic decision, take the bonus today or wait 3 years? 4 You plan to invest $2,500 every year for the next 5 years. What will be the value of your investment at the end of the 5 years if you can earn 8% annual interest? $ (round nearest dollar) 5 Your…
- QUESTION 3 XYZ Insurance Company uses class rating to determine the rate to charge for insurance. For one type of insurance the pure premium XYZ actuaries calculated is $75 per unit. If XYZ's expense ratio is 35%, what is the gross rate for this coverage? O a. $37.50 O b.$100.00 Oc. $75.00 d. $55.25TABLE 13.2 Present value of an annuity of $1 ½% 6% 7% 1% 0.9901 1.9704 2% 0.9804 3% 0.9709 4% 0.9615 0.9950 1.9851 1.9416 1.9135 1.8861 5% 0.9524 1.8594 2.7232 3.5459 4.3295 2.9702 2.9410 2.8839 2.7751 2.8286 3.7171 3.9505 3.9020 3.6299 4.9259 4.4518 3.8077 4.8534 4.7134 4.5797 5.7955 5.6014 6.7282 6.4720 5.8964 5.2421 6.8621 5.4172 6.2303 7.0197 6.0021 7.8230 7.6517 7.3255 8.7791 8.5660 7.7861 8.1622 8.9826 5.0757 5.7864 6.7327 6.4632 7.4353 7.1078 8.1109 7.7217 8.3064 8.8632 9.7304 9.4713 8.5302 10.6770 10.3676 9.7868 9.2526 8.7605 8% 0.9434 0.9346 0.9259 1.8334 1.8080 1.7833 2.6730 2.6243 2.5771 3.4651 3.3872 3.3121 4.2124 4.1002 3.9927 4.9173 4.7665 4.6229 5.5824 5.3893 5.2064 6.2098 5.9713 5.7466 6.8017 6.5152 6.2469 7.3601 7.0236 6.7101 7.8869 7.4987 7.1390 11.2551 10.5753 8.3838 7.9427 7.5361 12.1337 9.9856 8.8527 8.3576 7.9038 13.4887 13.0037 12.1062 11.2961 10.5631 9.8986 8.2442 14.4166 13.8650 12.8492 11.9379 11.1184 10.3796 9.7122 9.1079 8.5595 15.3399 14.7179 13.5777…= 10:25 Acellus Average Allowance Amount Frequency $20 $15 $10 $5 What is the range of allowance amounts? 丢 Enter
