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Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES   Adjusted Gross Income   Applicable Percentage Over   But Not Over     $0 – $15,000   35% 15,000 – 17,000   34% 17,000 – 19,000   33% 19,000 – 21,000   32% 21,000 – 23,000   31% 23,000 – 25,000   30% 25,000 – 27,000   29% 27,000 – 29,000   28% 29,000 – 31,000   27% 31,000 – 33,000   26% 33,000 – 35,000   25% 35,000 – 37,000   24% 37,000 – 39,000   23% 39,000 – 41,000   22% 41,000 – 43,000   21% 43,000 – No limit   20%   If her adjusted gross income (all from wages) for the year is $18,500, calculate Clarita's child and dependent care credit for 2018.$

Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES   Adjusted Gross Income   Applicable Percentage Over   But Not Over     $0 – $15,000   35% 15,000 – 17,000   34% 17,000 – 19,000   33% 19,000 – 21,000   32% 21,000 – 23,000   31% 23,000 – 25,000   30% 25,000 – 27,000   29% 27,000 – 29,000   28% 29,000 – 31,000   27% 31,000 – 33,000   26% 33,000 – 35,000   25% 35,000 – 37,000   24% 37,000 – 39,000   23% 39,000 – 41,000   22% 41,000 – 43,000   21% 43,000 – No limit   20%   If her adjusted gross income (all from wages) for the year is $18,500, calculate Clarita's child and dependent care credit for 2018.$

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Credit (LO 7.3)

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year.

TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
 
Adjusted Gross Income   Applicable Percentage
Over   But Not Over    
$0 – $15,000   35%
15,000 – 17,000   34%
17,000 – 19,000   33%
19,000 – 21,000   32%
21,000 – 23,000   31%
23,000 – 25,000   30%
25,000 – 27,000   29%
27,000 – 29,000   28%
29,000 – 31,000   27%
31,000 – 33,000   26%
33,000 – 35,000   25%
35,000 – 37,000   24%
37,000 – 39,000   23%
39,000 – 41,000   22%
41,000 – 43,000   21%
43,000 – No limit   20%
 

If her adjusted gross income (all from wages) for the year is $18,500, calculate Clarita's child and dependent care credit for 2018.
$
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