not 900 either

Exercise 12-15 (Algorithmie) (LO. 4) In 2021, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $77,100 and incurred $7,175 of child care expenses. Click here to access the percentage chart to us for this problem. Determine amount of Ivanna and Sergio's child and hild and dependent care credit 1,260 X Feedback Oh My Work The credit for child and dependent care expenses mitigates the inequity felt by working taxpayers who must pay for child care services to work outside the home. This credit is a specified percentage of expenses incurred to enable the taxpayer to work or to seek employment. Expenses on which the credit for child and dependent care expenses is based are subject to limitations GAGE MINDTAP 12: Tax Credits and Payments AA Adjusted Gross Income Over But Not Over $ 0 $125,000 125.000 127.000 127.000 129.000 129.000 131,000 131.000 133.000 133.000 135,000 135.000 137,000 137,000 139.000 139.000 141,000 141.000 143.000 143,000 145.000 145.000 147.000 147,000 149,000 149.000 151.000 151.000 153,000 153,000 155.000 Credit Rate 50% 49% 48% 47% 46% 45% 44% 43 Adjusted Gross Income Over But Not Over $155,000 $157,000 157.000 159.000 159.000 161,000 161.000 163.000 163,000 165.000 165,000 167,000 167.000 169,000 169,000 171.000 171.000 173.000 173.000 175.000 175.000 177,000 177.000 179,000 179,000 181.000 181,000 183.000 183.000 400,000 400,000 Credit Rate 34% 33% 32% 31% 30% 299 28% 2795 26% 25% 24% 23 22 21 20% 41% 40 399 389 37 36% > * The 20% rate phases out for taxpayers with AGI over $400,000. Specifically, a 1% reduction occurs for each additional $2,000 of AG in excess of $400,000. As a result, the credit percentage is zero once AGI exceeds $498,000. In 2022, absent a legislative change, a 35% credit rate will apply when AGI does not exceed nnen AG