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Assignment 1: Financial Accounting, Questions And Answers

531 Words3 Pages

Chapter 9
3. For purposes of the tax credit for child and dependent care expenses, explain the limitations concerning the amount of qualified expenses that can be used to calculate the credit.

"The credit for child and dependent care expenses provides some relief for working taxpayers by providing a credit for a portion of the expenses incurred to care for a qualified dependent. The maximum amount of qualifying expenses for any year is limited to $3,000 if there is one qualifying individual and to $6,000 for two or more qualifying individuals.These amounts are further limited to the amount of earned income of the taxpayer (or the earned income of the taxpayer 's spouse, if smaller)." (Cruz, 2015)

7. Explain what qualifies as educational expenses for the purposes of educational tax credits.

"Qualifying expenses are amounts paid for tuition, fees, and other related expenses paid to an eligible educational institution while taxpayers (or their spouses and dependents) are pursuing undergraduate, graduate, or vocational degrees. Qualified tuition and related expenses include amounts paid for course materials such as books and supplies. The qualifying expenses do not include room and board or student activity fees." (Cruz, 2015)

43. Adrienne is a single mother with a …show more content…

"Employees are required to report cash tips to their employer by the 10th of the month after the month in which the employee receives the tips. Employees can use Form 4070 to report tips. The report must include the employee 's name, address, and social security number, the period the report covers, and the total amount of tips received during the period. The report includes tips known to the employer (from credit card charges, for example) and cash tips, and the employee must sign the report. If the tips in any one month from any one job are less than $20, no reporting is required. Employers must withhold income tax, social security, and Medicare taxes on the amount of employee tips." (Cruz,

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