Problem 10-31 (LO. 3) Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are employed outside the home and, during 2022, earn salaries as follows: $130,000(Jim) and $5,200 (Mary Jean). To care for their children while they work, they pay Eleanor (Jim's mother) $5,600. Eleanor does not qualify as a dependent of Jim and Mary Jean. Click to view Applicable Rate of Credit based on Adjusted Gross Income. Assuming that Jim and Mary Jean file a joint tax return, what, if any, is their credit for child and dependent care expenses? Exhibit 10.4 2021 Child and Dependent Care Credit Computations The 2006 rate phases out for taxpayers with AGI over $400,000. Specifically, a 1% reduetion occurs for each additional $2,000 of AGI in excess or $400,000. As a resalt, the eredit percentage is zern once AGI exceeds $498,000 2022 Child and Denendent Care Credit Ratec