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the answer is not $630. Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit allowed before any
the answer is not $630.
Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit allowed before any tax liability limitations or other credits for 2020 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. 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 27% 29,000 31,000 27% 31,000 33,000 26% 33,000 35,000 25% 37,000 24% 35,000 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 31% 43,000 No limit 20% a. William and Carla file a joint tax return. Carla earned $27,500 during the year, while William attended law school full-time for 9 months and earned no income. They paid $3,500 for the care of their 3-year-old child, Carl. Round your answer to the nearest whole dollarStep by Step Solution
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