Problem 7-14 (Algorithmic)Child and Dependent Care Credit (LO 7.3)Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 9 months of the year, and Marty earns $44,500. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,100.TABLE 6.1CHILD AND DEPENDENT CARE CREDIT PERCENTAGESAdjusted Gross Income Applicable PercentageOver 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%What is their child and dependent care credit?

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Answered: Child and Dependent Care Credit (LO…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Problem 7-14 (Algorithmic)
Child and Dependent Care Credit (LO 7.3)

Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 9 months of the year, and Marty earns $44,500. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,100.

TABLE 6.1

CHILD AND DEPENDENT CARE CREDIT PERCENTAGES

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%