Business, 25.12.2020 20:50 killinit143

Company ABC provides a dependent care assistance flexible spending arrangement to its employees through a cafeteria plan. In addition, it provides occasional on-site dependent care to its employees at no cost. Emily, a single filing taxpayer and an employee of Company ABC, had $4,500 deducted from her pay for the dependent care flexible spending arrangement. In addition, Emily used the on-site dependent care several times. The fair market value of the on-site care was $700. Emily's Form W-2 should report $5,200 of dependent care assistance in Box 10. If all other conditions are met, what is the maximum amount excludable from gross income for the dependent care expenses Emily can report on her tax return

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