Week 4 assignment tax credits Chapter 9 problem 42 Tim and Martha paid $7,900 in qualified employment-related expenses for their young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was earned entirely byTim ?
During the time of Mr. Eldridge’s unemployment he did not make child support payments. In January 2008, Mrs. Eldridge filed a motion with the court that entered the divorce decree, seeking an order forcing Mr. Eldridge to pay a total of $7,000 in missed child support payments. Mr. Eldridge countered with a petition to modify his child support obligation. The petition requested that he be excused from having to pay the obligations that accrued during his ten month unemployment period. The court ordered Mr. Eldridge to pay half of the amount due, totaling $3,500 and excused him from the remainder of the balance, due to the factor the Mr. Eldridge was unemployed during the months that the child support was being accrued.
Wal-Mart: Always Low Wages Always Wal-Mart’s poverty-level wages often make their employees eligible for government assistance programs such as health care, food stamps, subsidized school lunches and subsidized housing (Wright). “Instead of providing affordable health insurance, Wal-Mart encourages its employees to sign up for publicly funded programs, dodging its health care costs and passing them onto taxpayers”(Wright 7). According to the film “Wal-Mart: The High Cost of Low Price,” Wal-Mart costs taxpayers $1,557,000,000 to supports its employees. That is just one effect of Wal-Mart’s low prices. This retail giant can afford to provide better wages and benefits to its employees.
Should the federal government maintain the social safety net for all of its citizens? One in seven Americans receive food stamps, a number that's up sharply since the financial crisis. Most experts agree unemployment and underemployment have contributed to the number of people in need of food assistance. The government should stop expanding food stamps because of many reasons which are people are so dependent on the government, there is a lot of fraud that goes on while receiving food stamps, and that the government is spending way too much money on the poor while other things can help them get back on their feet. Some people may argue that access to food stamps is essential for needy families.
According to the U.S. Census Bureau (2011), more than 146 million Americans live at or below the poverty level. Fifty-seven percent of all American children live in a home at or below the poverty level. What about the Americans earning just above the poverty level? Twenty-eight percent of all working families were considered to be among the working poor. Individuals and families with a total income over the poverty guidelines are unable to receive government assistance.
A sizeable portion of these children lived in middle-class families that could not afford private health insurance or from families near or below federal poverty income limits that did not enroll in Medicaid (Smith, 2008). To address the number of uninsured children, Congress enacted a children health insurance scheme that
b. Determine the indicated return on investment if help were hired to operate the station. c. Why is there a difference between the rates of return in (a) and (b)? There is a difference because in problem (a), there was no expense of a $10,000 for help hired to operate the station. However, in problem (b), this is deducted which actually lowers the taxable income and taxes.
The long-term provision of large quantities of food may force down domestic prices and make matters worse for domestic farmers. It could be considered better for farmers to have a reduction in the subsidies given to farmers in the developed countries. 6. Continued dependency on aid means there is little incentive to be innovative and people develop a welfare mentality. 7.
Peter Townsend a founder of the Child Poverty Action Group defined poverty as, Individuals, families and groups in the population can be said to be in poverty when they lack resources to obtain the type of diet, participate in the activities and have the living conditions and amenities which are customary, or at least widely encouraged and approved, in the societies in which they belong. (cpag, 2014) Children pay the highest price in poverty and the amount of children at risk of living in poverty is increasing. Every day 1 in every 4 children is born into poverty. (Joseph Rowntree Foundation, 1995). Children born into poverty are effected even before they are born as pregnant mothers who have insufficient resources such as food and warmth are 1.7 times more likely to give birth to a low weight baby, that child is then 2 times more likely to drop out of school, and 3.1 times more likely to have an out of wed-lock birth (Duncan,1997).
This can lead to a shortage of food in third world countries and to starvation of their population, as some of those countries are exporting the major part of their production to developed countries. This prevents a decrease in the level of poverty of those countries: they are less able to achieve an economic development. Globalization raises the issue of fair trade. Developed countries impose their economic rules to developing countries: most of the time they are