Mr.and Mrs.McMurray have three children,aged 6,12,and 18,for whom they paid childcare expenses of $6,000 in 2015.The McMurrays' tax liability calculated as per the tax schedule is $10,000.The McMurrays' tax liability is _____.

Question

Quizplus · Accepted Answer

The McMurrays are eligible for a child and dependent care credit of up to $3,000 for their childcare expenses. This credit reduces their tax liability by $800 (3,000 x 27%). Therefore, their tax liability is $10,000 - $800 = $9,200.

MrAnd MrsMcMurray Have Three Children,aged 6,12,and 18,for Whom They Paid Childcare