Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $48,300 and incurred $9,125 of child care expenses. Determine Ivanna and Sergio's child and dependent care credit. $_________
Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $48,300 and incurred $9,125 of child care expenses. Determine Ivanna and Sergio's child and dependent care credit. $_________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $48,300 and incurred $9,125 of child care expenses.
Determine Ivanna and Sergio's child and dependent care credit. $_________

Transcribed Image Text:Exhibit 13.3 Child and Dependent Care Credit Computations
Adjusted Gross Income
Over
But Not Over
Applicable Rate of Credit
$ 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%
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