Guillermo and Felicia Are Married,file a Joint Return,and Have One

question 116

Multiple Choice

Guillermo and Felicia are married,file a joint return,and have one dependent child;Hannah,age 6.Guillermo has earned income of $38,000.Felicia was a full-time student (for 8 months) with no income.They paid a qualified day care center $4,800.What is the amount of their child and dependent care credit for the year?

• A)$0.
• B)$460.
• C)$600.
• D)$4,800.

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Definitions:

Raise Capital

The process of securing funds or resources necessary for business operations, expansion, or investment through various means such as issuing stock or obtaining loans.

Form Of Business Organization

The legal structure adopted by a business, such as sole proprietorship, partnership, corporation, or limited liability company (LLC).

Corporation

A legal entity owned by shareholders, with rights and responsibilities separate from those of its owners, and capable of engaging in transactions, owning assets, and being liable for debts.

Working Capital Management

The process of managing a company's short-term assets and liabilities to ensure it has sufficient liquidity to run its day-to-day operations.