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Problem 7-14 Child and Dependent Care Credit (LO 7.3) Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for

Problem 7-14 Child and Dependent Care Credit (LO 7.3)

Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 9 months of the year, and Marty earns $45,000. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $10,000.

TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
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? $fill in the blank 1

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