Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.: Union Day Care Center $6,700Wendy (Victor's mother) for babysitting 4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $780 b. $3,745 c. $3,000 d. $2,899
Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.: Union Day Care Center $6,700Wendy (Victor's mother) for babysitting 4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $780 b. $3,745 c. $3,000 d. $2,899
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 67TA
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Question
Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:
Union Day Care Center $6,700Wendy (Victor's mother) for babysitting 4,000
What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)?
a. $780
b. $3,745
c. $3,000
d. $2,899
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