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Mr. and Mrs. Coulter have four dependent children ages 1, 4, 7, and 11. Mr....

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Accounting

Mr. and Mrs. Coulter have four dependent children ages 1, 4, 7, and 11. Mr. Coulter's salary was $21,400 and Mrs. Coulter's wages totaled $16,200 The couple had no other income or above the line deductions this year. The Coulters paid $3,600 for day care and after-school child care. Assume the taxable year is 2021.

a. Compute the child tax credit.

b. Compute the dependent care credit.

c. Compute the child tax credit and dependent care credit based on Mr. C's salary being $200,000, and Mrs. C's wages being $232,000, and they earned $5,700 of taxable interest income.

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