**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."* This table provides a range of Adjusted Gross Income (AGI) levels and their corresponding Child and Dependent Care Credit percentages, with percentages decreasing as AGI increases. For AGI levels between specified brackets, a specific credit percentage applies, beginning at 50% for lower AGI levels and decreasing to 0% for the highest AGI. ### Child and Dependent Care Credit Calculation**Scenario:**Julie paid a daycare center to watch her two-year-old son while she worked as a computer programmer for a local start-up company.**Question:**What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 for reference.**Information Provided:**- **b.** Julie paid $5,650 to the daycare center, and her Adjusted Gross Income (AGI) is $52,600 (all salary).**Child and Dependent Care Credit Calculation:**Input the calculated child and dependent care credit in the provided box.

Solution:- Calculation of child and dependent care credit as follows:- Basic information:- Dependent…

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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! Required information [The following information applies to the questions displayed below.] 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 2023 in each of the following alternative scenarios? Use Exhibit 8-9. e. Julie paid $5,800 to the day care center, and her AGI is $14,000 ($3,800 salary and $10,200 unearned income). Child and dependent care credit
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