help Victoria Beckham are married and file a joint return. They, have three qual

Question

help Victoria Beckham are married and file a joint return. They, have three qualified children (all under age 13) Victoria earned $60,000 while David earned $20,000. They incurred $4,500 of child care expenses. The applicable percentage for AGI $80,000 is 20% Determine the amount of child and dependent care credit for the Beckhams Now, assume Victoria was reimbursed $3,500 by her employer under a qualified dependent care program. Determine the amount of child and dependent care credit for the Beckhams

Explanation / Answer

if your earnings is beneath $15,000, you will qualify for the full 35%. the percentage falls with the aid of 1% for every extra additional $2,000 of earnings till it reaches 20%.

Jointed income = $80,000

Child and Dependent care Credit =   ($1,395)   

($4,500 * 31%)

Taxable income $78,605

Tax @ 20% $15,721

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