Sam and Megan are married with two dependent children. Both Sam and Megan work, earning...
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Accounting
Sam and Megan are married with two dependent children. Both Sam and Megan work, earning $50,000 and $55,000, respectively. Their AGI totals $110,000. They incur $6,500 of qualifying child care expenses of which $2,500 is reimbursed by Megans dependent care program at work.
What is the amount of their child and dependent care credit?
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