Which of the Following Individuals or Couples Qualify for the Child

question 43

Multiple Choice

Which of the following individuals or couples qualify for the child and dependent-care credit?
I.Jeff and Marion are married with 2 children ages 5 and 7.Jeff earns $57,000 and Marion is a part-time graduate student at the local university and also works as a volunteer for the local hospital.When Marion is in class or working as a volunteer,they hire their neighbor to care for the children.During the year they paid $1,200 to their neighbor.
II.Michael is single and earns $75,000.Michael pays $10,000 for a nurse to help care for his father who is disabled and lives with him.Michael is entitled to the dependency exemption for his father.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Population Growth

An increase in the number of individuals in a population, often impacting economic development and resource consumption.

Demographic Transition

A model that describes the transformation of a country's population structure through stages of development, affecting birth and death rates.

Demographic Transition

A model representing the transition from high birth and death rates to lower birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Population Growth

The growth of a population's size over a period.