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Determine the amount of the Child and Dependent Care Credit

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Q1) Taxpayer and Spouse are a married couple filing a joint return and claiming the standard deduction. During 2019, Taxpayer earned salary of $29,000 at a full-time job, and Spouse earned salary of $1,500 at a part-time job. So that both spouses could work, the couple paid a total of $4,100 to a day care facility to care for their dependent child, who was age 3 at the end of the year. Determine the amount of the Child and Dependent Care Credit to which the couple is entitled for the year.

Q2) All capital gains are taxed at preferential rates.

True

False

Reference no: EM132571687

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