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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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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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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 ...

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