ACC 401 WEEK 4 ASSIGNMENT
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ACC 401 WEEK 4 ASSIGNMENT – 2014
42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim?
49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2009. Alyssa was in her first year of college and attended full-time:
Tuition and fees (for fall semester 2009) $1,950
Tuition and fees (for spring semester 2010)1,000
Books 600
Room and board 1,200 The spring semester at University of Colorado begins in January. In addition to the above, Alyssa’s uncle Devin sent $800 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $165,000. What is the amount of qualifying expenses for purposes of the Hope credit? What is the amount of Hope credit that Jeremy and Celeste can claim based on their AGI?Chapter 10, complete problem 49 and problem 57.
49. Allison is paid $500 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Use the percentage method table in the appendix to this chapter.
a. Allison is single and claims three withholding allowances
b. Allison is married and claims three withholding allowances
c. Allison is single and claims one withholding allowance
57. Jones Company has the following employees on payroll:
Calculate the payroll for the last pay period in February. Include in your...