For Purposes of the Limitation on Qualifying Expenses for the Child

question 12

True/False

For purposes of the limitation on qualifying expenses for the child and dependent care credit,a spouse who is either a full-time student or is incapacitated is deemed to have earned income of $250 per month,or $500 per month if there are two or more qualifying individuals in the household.

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Definitions:

Creditor Beneficiary

A third party that benefits from a contract, specifically where one party promises to pay a debt owed by another party to this third party.

Donee Beneficiary

A third party that benefits from a contract wherein the promisor agrees to give a gift or confer a benefit directly to the third party.

Assignment

The transfer of rights, duties, or property from one party to another, often used in the context of contracts and property law.

Developer

An individual or organization that undertakes the process of planning, designing, and constructing buildings or land into a new or altered use.