Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

13 2 Check my work 5 Part 2 of 2 points Skipped Required information Problem 8-71 (LO 8-4) (Algo) [The following information applies to the

13 2 Check my work 5 Part 2 of 2 points Skipped Required information Problem 8-71 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10: eBook Print References Problem 8-71 Part-b (Algo) b. Julie paid $5,800 to the day care center and her AGI is $53,200 (all salary). Child and dependent care credit EXHIBIT 8-10 Child and Dependent Care Credit Percentage If AGI is over But not over Then the percentage is $ 0 $125,000 50% 125,000 127,000 49 127,000 129,000 48 129,000 131,000 47 181,000 183,000 21 183,000 400,000 20 400,000 402,000 19 402,000 404,000 18 434,000 436,000 2 436,000 438,000 1 438,000 0 Source: Source: Internal Revenue Code. " 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions