ACC 401 Week 4 DQ1 Tax Credits and Payroll

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ACC 401 Week 4 DQ1 Tax Credits and Payroll

Tax Credits and Payroll Taxes. From Chapter 9, complete questions 3 and 7, and problem 43. From Chapter 10, complete question 1 and question 7.

Chapter 9, complete questions 3 and 7, and problem 43

  1. For purposes of the tax credit for child and dependent care expenses, explain the limitations concerning the amount of qualified expenses that can be used to calculate the credit.

  2. Explain what qualifies as education expenses for the purposes of educational tax credits.

  3. 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 Adriennes 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 tax credit can Adrienne claim?

Chapter 10, complete question 1 and question 7

  1. What type of compensation is subject to employer withholding?

  2. When are employees required to report tips to their employer? Are tips subject to the same withholding requirements as regular salary?

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