1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
aleksandrvk [35]
3 years ago
7

Camilo and Isa have three children all under the age of ten. The two youngest children, who are three and five years old, attend

ed El Cuento Pre-School for a total cost of $3,500. Juan, who is nine, attended Little House Daycare after school at a cost of $1,000. Isa has earned income of $12,000 and Camilo earns $24,000. What amount of childcare expenses should be used to determine the Child and Dependent Care Credit?a. $3,500 b. $4,500 c. $12,000 d. $36,000
Business
1 answer:
tangare [24]3 years ago
4 0

Answer:

The correct option is B

Explanation:

As per Child and Dependent care credit, the credit is taken for dependent or children only till the age of 13. In the present situation, all three children are less than 13 years of age. Therefore, all are eligible under the scheme.

And as per rules, the amount which can be claimed for 1 dependent is $3,500 and for two or more dependent, the amount is maximum to $7,000. So, the amount spent on the 2 youngest children is $3,500 whereas amount spent on the oldest children is $1,000. Therefore, the aggregate amount is $4,500 ($3,500 + $1,000), which can be used for determining the dependent and child care credit.

In the present case, Camilo and Isa having total income of $36,000 ($12,000 + $24,000), which is more than $4,500. So, the whole amount will be used for determining the Child and Dependent care credit.

Therefore, B option is Correct.

You might be interested in
The country of Growpaw does not trade with any other country. Its GDP is $20 billion. Its government purchases $3 billion worth
Anna [14]

Answer:

option a) 5 billion

Explanation:

Data provided in the question:

GDP = $20 billion

Cost of goods and services = $3 billion

Tax collected = $6 billion

Transfer payments to households = $2 billion

Private saving in Growpaw = $4 billion

Now,

Disposable income = GDP - taxes + transfer payments

=$20 billion - $6 billion + $2 billion

= $16 billion

Consumption = Disposable income - Savings

= $16 billion - $4 billion

= $12 billion

Thus,

Investment = GDP - consumption - government purchases

= $20 billion - $12 billion - $3 billion

= $5 billion

Hence,

the correct answer is option a) 5 billion

8 0
3 years ago
According to the classical economists, if the quantity of money that people wanted to save was greater than the amount that peop
boyakko [2]

Answer:

The correct answer that fills the gap is: Fall.

Explanation:

The paradox of saving or paradox of frugality or paradox of austerity suggests, according to the Keynesian economic aspect, that if all the inhabitants try to save more, that is to say to dedicate to saving a greater percentage of their income, the aggregate demand will fall, the production will fall and the total population savings will be equal or lower.

The explanation of the paradox is because the total income of the population (Y) is equal to the sum of the income of its individuals. Since personal income can be used for consumption or savings, and that consumption forms an essential part of aggregate demand - which finances global income through income and wages - if the percentage of savings increases, logically consumption will decrease , so that aggregate demand will decrease further and, consequently, global income, which will cause personal income to fall. When personal income or income falls, each individual will have to dedicate a greater percentage of their income to save in order to continue saving the same in absolute terms. This will further reduce their consumption (already reduced by the fall in income) so that income will be even more reduced and so on to the point that some or many must use their savings in order to solve the decrease in income.

------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

8 0
3 years ago
Public companies under the jurisdiction of the Securities and Exchange Commission are required by law to hire a certified public
Ostrovityanka [42]

Answer:

A. True

Explanation:

At the time of publishing the financial statements of the public companies under the jurisdiction of the Securities and Exchange Commission (SEC) is compulsory to hire the independent auditor or we can say Chartered Accountant (CA) so that he or she can assess the financial statement prepared by the public company whether it follows the  Generally Accepted Accounting Principles (GAAP) or not.

And, according to that the independent auditor given his or her qualified or unqualified opinion

3 0
3 years ago
According to liquidity preference theory, a decrease in the price level causes the interest rate to:a. increase, which increases
mojhsa [17]

Answer:

The correct answer is (B)

Explanation:

Liquidity preference theory emphasised on the interest which investors should demand on long-term investments due to the risk they carry. According to liquidity preference theory, a decrease in the price level shifts the money demand curve leftward. A leftward movement of the money demand curve increases the overall quantity demanded. In that regard, a decrease in interest rate increases the demand for goods and services demanded.

4 0
3 years ago
As of January 1 of the current year, Kane owned all the 100 issued shares of Manning Corp., a calendar
aliina [53]

Answer:

A) $56,750

Explanation:

Since Manning's ownership changed during the year, it must allocate income differently for the first 40 days than the remaining 325.

Kane should report the following income:

  • 100% income form Manning x 40/365 = $73,000 x 40/365 = $8,000
  • 75% income from Manning x 325/365 = $73,000 x 75% x 325/365 = $48,750
  • total income allocated to Kane = $8,000 + $48,750 = $56,750
5 0
3 years ago
Other questions:
  • You have a chance to buy an annuity that pays $2,450 at the beginning of each year for 3 years. You could earn 5.5% on your mone
    15·1 answer
  • Windsor Co. is building a new hockey arena at a cost of $2,420,000. It received a down payment of $510,000 from local businesses
    5·1 answer
  • Fees are never charged when depositing money into your checking account. True or False
    12·2 answers
  • Below is the listing of a bond issued by international business machines corporation (ibm). below the detail of the bond is the
    10·1 answer
  • An accountant’s standard report on a compilation should state that the accountant
    11·1 answer
  • ____ is used to run the best use of the firm's resources, or, perhaps, to determine which products are to be eliminated
    13·1 answer
  • The board of directors of UT Wireless, Inc. is considering two compensation plans for the CEO of the company. The first would pa
    10·1 answer
  • If you want to sell unique wristbands to the 250 participants in a special boating event to raise funds for research for a rare
    13·2 answers
  • If the variable overhead efficiency variance is $500 unfavorable and the variable overhead spending variance is $100 favorable,
    9·1 answer
  • What is the simplest form of automation?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!