Robert and Mary File a Joint Tax Return for 2019 $\quad$

question 13

Multiple Choice

Robert and Mary file a joint tax return for 2019 with adjusted gross income of $34,000. Robert and Mary earned income of $20,000 and $14,000, respectively, during 2019. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\$ 1,700$
Wilma, baby sitter (Robert's mother) $\quad$ $\quad$ $\quad$$\$ 1,000$ What is the amount of the child and dependent care credit they should report on their tax return for 2019 (assume no tax liability limitation) ?

• A)$270
• B)$459
• C)$675
• D)$729
• E)None of these

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Definitions:

Marginal Cost

A concept in economics that refers to the change in the total cost when an additional unit of a product is produced.

Average Total Cost

The total cost of production (fixed and variable costs) divided by the quantity produced, indicating the cost per unit of output.

Marginal Revenue

The additional income generated from the sale of one more unit of a good or service.

Total Revenue

The total amount of money received by a company from sales of goods or services, before any expenses are subtracted.