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What is the highest federal medical expense tax credit

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Reference no: EM132532460

Question 1: A husband's net income is $40,000, while that of his wife is $42,000. His medical expenses amount to $5,000, while hers are $500. What is the highest federal medical expense tax credit they can claim? The non-refundable tax credit rate is 15%.

Hint: the 2019 Federal medical expense non-refundable tax credit formula subtracts the lessor of 3% of net income or $2,352 from eligible medical expenses before applying the 15% conversion rate

Option 1: $570

Option 2: $645

Option 3: $636

Option 4: $484

Reference no: EM132532460

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