Mary and John are married and have AGI of $100,000 and two young children. John...
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Mary and John are married and have AGI of $100,000 and two young children. John doesn't work, and they pay $6,000 a year to day care providers so he can shop, clean, and read a little bit in peace.
|
| 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% | ||
How much child and dependent care credit can Mary and John claim if they file a joint tax return?
$0$1,200$3,000$6,000
Why?
Because they are married taxpayers and choose to file a joint return.Because the expenses are limited to the lesser of either spouse's earned income.Because their AGI is too high.
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