Sean and Jenny Are Married,file a Joint Return and Have

question 28

Multiple Choice

Sean and Jenny are married,file a joint return and have two dependent children,Blake,age 9 and Jake,age 5.Sean has earned income of $72,000.Jenny was a full-time student (for nine months) with no income.They paid a qualified day care center $7,000.What amount of child and dependent care credit can Sean and Jenny receive?

• A)$600.
• B)$900.
• C)$1,000.
• D)$1,200.

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Definitions:

Cash Flows

The total amount of money being transferred in and out of a business, especially affecting liquidity.

Operating Activities

Activities that relate directly to the primary operations of a company, such as manufacturing, distributing, marketing, and selling a product or service.

Direct

Pertains to costs or actions that can be directly attributed to a specific project, department, or product without any need for allocation.

Indirect Methods

Approaches used in accounting and finance to estimate or calculate values based on indirect indicators or conversions, rather than direct measurement.