Jack paid $5,000 in daycare expenses in 2022 for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit?
Jack paid $5,000 in daycare expenses in 2022 for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 70TA
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- Jack paid $5,000 in daycare expenses in 2022 for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit?
- Jack meets the love of his life, Jill, and they quickly marry. Jill’s earned income mirrors Jack’s at $37,500, so in 2022, Jack quits working and stays home to play video games. If Jack and Jill are MFJ with AGI of $37,500 in 2022, and Jack’s daughter continues to incur $5,000 in dependent care expenses, how much will their dependent care credit be? Show your work, or explain your answer.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT