37- Marty and Jean are married and have 4-year-old twins. Jean is going to...
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Accounting
37-
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 11 months of the year, and Marty earns $63,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $10,100.
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%
What is their child and dependent care credit?
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