Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810
Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810
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