What is their 2022 child and dependent care credit? X 489
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 7 months of the year, and Marty earns $56,900. The twins are in day care so Jean can go to school while
Marty is at work. The cost of day care is $8,100.
TABLE 6.1
CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
Adjusted Gross Income
Over
$0
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
-
-
-
But Not Over
$15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
No limit
What is their 2022 child and dependent care credit?
X
Applicable Percentage
35%
34%
33%
32%
31%
30%
29%
28%
27%
26%
25%
24%
23%
22%
21%
20%
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