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Ivanna, who has three children under age 13, worked full-time while her husband, Sergio, was attending...

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Accounting

Ivanna, who has three children under age 13, worked full-timewhile her husband, Sergio, was attending college for nine monthsduring the year. Ivanna earned $40,275 and incurred $8,175 of childcare expenses. Click here to access the percentage chart to us forthis problem. The amount of Ivanna and Sergio's credit for childand dependent care expenses is $

Computing the Child and Dependent Care Credit

Adjusted Gross Income
OverButNot OverApplicable Rateof Credit
$          0$15,00035%
15,00017,00034%
17,00019,00033%
19,00021,00032%
21,00023,00031%
23,00025,00030%
25,00027,00029%
27,00029,00028%
29,00031,00027%
31,00033,00026%
33,00035,00025%
35,00037,00024%
37,00039,00023%
39,00041,00022%
41,00043,00021%
  43,000    No limit  20%

Answer & Explanation Solved by verified expert
3.7 Ratings (450 Votes)
Child and dependent care credit Taxpayer incur expenditure to take care of their dependents so they can work Child and dependent care credit is an incentive to those having child and dependent care expenses Wellbeing of the qualifying individual must be the primary purpose of the eligible expenditure Qualifying individual Eligible expenditure incurred for the wellbeing of the qualifying individual are only allowed Conditions determining qualifying individual are 1    See Answer
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