Concerning the credit for child and dependent care
I.If a taxpayer's adjusted gross income does not exceed $43,000, the child and dependent care credit rate is 30%.
II.Expenditures qualifying for credit can exceed the earned income of the taxpayer.

Question

Concerning the credit for child and dependent care
I.If a taxpayer's adjusted gross income does not exceed $43,000, the child and dependent care credit rate is 30%.
II.Expenditures qualifying for credit can exceed the earned income of the taxpayer.
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Quizplus · Accepted Answer

I. The maximum rate for the child and dependent care credit is 35% for taxpayers with an adjusted gross income of $15,000 or less, and it decreases as income increases, falling to 20% for those earning over $43,000. II. The qualifying expenses for the credit cannot exceed the earned income of the taxpayer; for married filing jointly, it is limited to the lower earner's income.

Concerning the Credit for Child and Dependent Care