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Problem 7-10 Earned Income Credit, Child and Dependent Care Credit (LO 7.2, 7.3) Clarita is a single taxpayer that lives in the U.S. with two
Problem 7-10 Earned Income Credit, Child and Dependent Care Credit (LO 7.2, 7.3) Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12 . Clarita pays $3,000 in qualified child care expenses during the year. CHILD AND DEPENDENT CARE CREDIT PERCENTAGES If her adjusted gross income (all from wages) for the year is $21,000 and she takes the standard deduction, calculate Clarita's child tax credit, earned income credit, and child and dependent care credit for 2021. Click here to view the Earned Income Credit table. Click here to access the tax table for this problem. Clarita's taxable income is $ X with a tax liability (pre- credit) of $ X. Her credits are computed below: Child Tax Credit Child and dependent care credit Earned income credit The total refundable credits equal $X. Problem 7-10 Earned Income Credit, Child and Dependent Care Credit (LO 7.2, 7.3) Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12 . Clarita pays $3,000 in qualified child care expenses during the year. CHILD AND DEPENDENT CARE CREDIT PERCENTAGES If her adjusted gross income (all from wages) for the year is $21,000 and she takes the standard deduction, calculate Clarita's child tax credit, earned income credit, and child and dependent care credit for 2021. Click here to view the Earned Income Credit table. Click here to access the tax table for this problem. Clarita's taxable income is $ X with a tax liability (pre- credit) of $ X. Her credits are computed below: Child Tax Credit Child and dependent care credit Earned income credit The total refundable credits equal $X
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