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Author Question: Sam and Megan are married with two dependent children. Both Sam and Megan work, earning $50,000 and ... (Read 93 times)

WWatsford

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Question 1

Nick and Nicole are both 68 years old and file a joint return. They have AGI of $15,000 and receive nontaxable Social Security payments of $4,200 during the current year. What is the amount of the tax credit for the elderly?

Question 2

Sam and Megan are married with two dependent children. Both Sam and Megan work, earning $50,000 and $55,000, respectively. Their AGI totals $110,000. They incur $6,500 of qualifying child care expenses of which $2,500 is reimbursed by Megan's dependent care program at work.

What is the amount of their child and dependent care credit?


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Marked as best answer by WWatsford on Sep 13, 2020

l.stuut

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WWatsford

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it


sailorcrescent

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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