A Qualifying Individual for the Purposes of the Child and Dependent

question 72

Multiple Choice

A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except:

• A)A dependent under the age of 13.
• B)An adult child who is incapable of caring for himself/herself.
• C)A dependent child,age of 17 who attends school full time.
• D)A spouse who is incapable of caring for himself/herself.

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Definitions:

Annually Compounded

The process of calculating interest on both the initial principal and the accumulated interest from previous periods, once per year.

Nominal Interest Rate

The interest rate before adjustments for inflation or other factors that affect the real value of money.

Annual Rate

The interest rate for a whole year, as opposed to a shorter period, such as monthly or quarterly.

Compounded Annually

The calculation of interest on the original principal and the accumulated interest of prior periods, applied once per year.