**Scenario Context: Child and Dependent Care Credit**Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company.**Task:**Determine the amount of child and dependent care credit Julie can claim in 2021 for each of the following alternative scenarios using Exhibit 8-10.**Scenario C:**- Julie paid $5,300 to the day care center and her Adjusted Gross Income (AGI) is $126,200 (all salary).**Input Field:**- Child and dependent care credit: [Blank Space for Entry] **EXHIBIT 8-10 Child and Dependent Care Credit Percentage**| If AGI is over | But not over | Then the percentage is ||----------------|--------------|------------------------|| $0 | $125,000 | 50% || 125,000 | 127,000 | 49 || 127,000 | 129,000 | 48 || 129,000 | 131,000 | 47 || 181,000 | 183,000 | 21 || 183,000 | 400,000 | 20 || 400,000 | 402,000 | 19 || 402,000 | 404,000 | 18 || 434,000 | 436,000 | 2 || 436,000 | 438,000 | 1 || 438,000 | | 0 |*Source: Internal Revenue Code. "§ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment."***Explanation:**This table outlines the percentage of child and dependent care credit available based on Adjusted Gross Income (AGI) levels. As AGI increases, the credit percentage decreases. For AGI up to $125,000, the credit is at its maximum of 50%. The percentage progressively decreases with higher income, reducing to 0% for AGI of $438,000 and above.

The child and dependent care credit is a credit available to a taxpayer that helps the taxpayer to…

Answered: Julie paid a day care center to watch…

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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Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10