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During the year, a married couple pays $3,500 in qualified child care expenses to a...

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Accounting

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During the year, a married couple pays $3,500 in qualified child care expenses to a nanny to look after their 8-year-old son. The husband works and has $56,000 of wages during the year, the wife attended college as a full-time student for 10 months of the year. Based on the couple's AGI, the percentage they can use to compute their child and dependent care credit is 26%. The couple's child and dependent care credit is: 1) $910. 2) $780. 3) $650. 4) $1,000 5) $0

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