Ming and Nancy Are Married, Both Gainfully Employed, and Have

question 90

Essay

Ming and Nancy are married, both gainfully employed, and have two children who are three and six years old.
Ming's salary is $35,000 while Nancy's is $40,000.During the year, they spend $7,000 for child care expenses that are required so they can work outside the home.Calculate the couple's credit for child and dependent care expenses.

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Definitions:

Constructive Trust

A trust inferred by the courts to benefit a third party to a contract.

Misrepresentation Remedies

Legal solutions available to someone who has suffered loss due to false statements, including rescission of contract or damages.

Modern Business

Contemporary commercial activities characterized by innovations, digital processes, and new operational models.

Assignment

The transfer of rights or property from one party to another, often used in reference to contracts or leases.