acc_290_week_5_individual_assignme...

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ACC401 week 4 assignmentsCh.9 42.The amount of employment-related expenses is limited $6,000 for two and more children. The amount of employment-related expenses Tim and Martha can use determine their credit is $4,200 (6,000- 1,800). Since their AGI was over $43,000, Tim and Martha are entitled to a credit equal to 20% of their expenses, or $840 (4,200x20%).If the couple had AGI of $36,000 earned entirely by Tim, the credit would be zero. The credit is permitted if taxpayers have child care expenses incurred to be gainfully employed. Since Martha was not employed, no credit is permitted. Allowed expenses are limited to the earned income of the taxpayer or the taxpayers spouse, whichever is lesser.49.What is the amount of qualifying expenses for the purposes of the American opportunity tax credit (AOTC) in 2010? Since AOTC includes books, we assume the books payment occurs

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