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In 2023, Ivanna, who has three children under age 13, worked full-time while her spouse,...

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Accounting

In 2023, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $47,000 and incurred $6,400 of child care expenses.
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Determine Ivanna and Sergio's child and dependent care credit.
Exhibit 12.3 Child and Dependent Care Credit Rates
\table[[Adjusted Gross Income,],[Over,But Not Over,Applicable Rate of Credit,],[$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,Nolimit,20%,]]
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