For 2019, the Maximum Amount of Expenses That Qualify for the Child

question 24

True/False

For 2019, the maximum amount of expenses that qualify for the child and dependent care credit is the same for three dependents as it is for two dependents.

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Definitions:

Graph

A diagram representing data visually, using lines, bars, or other symbols.

Implicit Cost

Refers to the opportunity costs that are not directly paid for in money but represent the loss of value from using resources for a particular venture instead of their best alternative use.

Explicit Cost

Direct, out-of-pocket payments for goods or services used in the production of a product or offering of a service.

Sole Proprietor

An individual who owns and operates a business alone, bearing all the responsibilities and benefits of the business.