Question
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 10 months of the year, and Marty earns $52,000.
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 10 months of the year, and Marty earns $52,000. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,600.
|
| Adjusted Gross Income | Applicable Percentage | |||
| 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% | ||
| 23,000 | 25,000 | 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% | ||
| 37,000 | 39,000 | 23% | ||
| 39,000 | 41,000 | 22% | ||
| 41,000 | 43,000 | 21% | ||
| 43,000 | No limit | 20% | ||
What is their child and dependent care credit?
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Financial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
