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    Computing the Credit for Child and Dependent Care Expenses

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    Dabney and Nancy are married, both gainfully employed, and have two children who are 3 and 6 years old. Dabney's salary is $35,000 while Nancy's salary is $40,000. During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home.

    Calculate the credit for child and dependent care expenses.

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    https://brainmass.com/business/accounting/computing-the-credit-for-child-and-dependent-care-expenses-288872

    Solution Preview

    Assuming that they have a taxable income of greater than their foreign tax credit and child and dependent care credit, they can claim a child and ...

    Solution Summary

    Dabney and Nancy are married, both gainfully employed, and have two children who are 3 and 6 years old. Dabney's salary is $35,000 while Nancy's salary is $40,000. During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home.

    Calculate the credit for child and dependent care expenses.

    $2.19

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