Answered: Harry and Wei may claim a credit for…

Business

Accounting

Harry and Wei may claim a credit for child and dependent care expenses of:

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 35P

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Question

Harry and Wei are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wei) and report two dependent children. During the year, they pay the following amounts to care for their four-year old son and six-year old daughter while they work.

ABC Day Care Center	$3,200
Blue Ridge Housekeeping Services	2,000
Mindy Mason	1,000

Harry and Wei may claim a credit for child and dependent care expenses of:

$840

$1,040

$1,200

$1,240

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