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Federal income taxes I
week 4
ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes

ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes

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3. For purposes of the tax credit for child and dependent care expenses, explain the limitations concerning the amount of qualified expenses that can used to calculate the credit. 7. Explain what qualifies as educational expenses for the purposes of educational tax credits. 43. Adrienne is a single mother with a 6-year-old daughter who lived with her during the entire year. Adrienne paid $2,900 in child care expenses so that she would be able to work. Of this amount, $500 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne earned$1,900 from her job as a freelance writer and received alimony payments of $21,000 from her ex-husband. What amount, if any, of child and dependent care credit can Adrienne claim? 1.       What type of compensation is subject to employer withholding? 7.    When are employees required to reporting tips to their employer? Are tips subject to the same withholding requirements as regular salary?

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