Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kaelyn's four-year-old twins go to daycare so Kaelyn can go to work (she drops off and picks up the twins from daycare every day). Kaelyn
Kaelyn's four-year-old twins go to daycare so Kaelyn can go to work (she drops off and picks up the twins from daycare every day). Kaelyn paid $6,300 daycare expenses for 2019. What is the amount of Kaelyn's child and dependent care credit if her AGI for the year was $36,000? (Exhibit 8-9)
EXHIBIT 8-9 Child and Dependent Care Credit Percentage Then the percentage is If AGI is over But not over $ 0 15,000 35% 15,000 17,000 34 17,000 19,000 33 19,000 21,000 32 21,000 23,000 31 25,000 23,000 30 25,000 27,000 29 27,000 29,000 28 29,000 31,000 27 31,000 33,000 26 33,000 35,000 25 35,000 37,000 24 39,000 37,000 23 39,000 41,000 22 41,000 43,000 21 43,000 No limit 20 Source: $21(e)(6)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started