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. Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4, 000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3, 745 d. $810

. Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4, 000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3, 745 d. $810

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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. Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4, 000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3, 745 d. $810
Transcribed Image Text:. Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4, 000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3, 745 d. $810
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