Problem 12-32 (LO. 4) Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and earn salaries in 2021 as follows: $130,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, Jim and Mary Jean 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. Jim and Mary Jean file a joint Federal income tax return. Compute their credit for child and dependent care expenses. Feedback Check My Work A credit is allowed to taxpayers who incur employment-related expenses for child or dependent care. The credit for child and dependent care expenses 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