Bob and Joyce Are Married,file a Joint Return,and Have One

question 139

Multiple Choice

Bob and Joyce are married,file a joint return,and have one dependent child,Dane,age 9.Bob has earned income of $72,000.Joyce was a full-time student (for nine months) with no income.They paid a qualified day care center $4,000.What amount of child and dependent care credit can Bob and Joyce receive?

• A)$450.
• B)$600.
• C)$800.
• D)$1,200.

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Definitions:

Accounts Receivable

Funds due to a company from its clients for products or services rendered but still unpaid.

Ending Cash Balance

The amount of cash available in a company's account at the end of a financial period.

Selling

The process of promoting and transferring goods or services to customers in exchange for payment.

Administrative Expenses

Costs related to the general operation of a business, including salaries of administrative personnel, office supplies, and other non-production-related expenses.