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? UseExhibit 8-10:a. Julie paid $2,260 to the day care center and her AGI is $52,600 (all salary).Child and dependent care credit EXHIBIT 8-10 Child and Dependent Care Credit PercentageIf AGI is overBut not overThen the percentage is$ 0$125,00050%125,000127,00049127,000129,00048129,000131,00047181,000183,00021183,000400,00020400,000402,00019402,000404,00018434,000436,0002436,000438,0001438,000Source: Source: Internal Revenue Code. "§ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment."

Solution:- Calculation of amount of child and dependent care credit as follows:- Introduction:-…

Answered: Julle pald 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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