please read all provided information, I posted this question prior and it was answered by an expert, who didn't seem to have any idea what they were talking about. The maximum amount of qualifying expenses for 2021 is limited to $8000 if there is one qualifying individual and two $16,000 for two or more qualifying individuals. Also, I have included a copy of the child and dependent care credit AGI schedule which will show that for an income of $159,700 the Applicable percentage would be 32%. Again, please do not answer this question using the old numbers of 6000 and 22%, these do not apply in 2021.

Problem 9-46 (LO 9-1) Tim and Martha paid $19.500 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,500 of dependent care assistance from her employer, which was properly excluded from gross income The couple had $159.700 of AGI earned equally. Use Child and Dependent.Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $139,700 that was earned entirely by Martha? Answer is complete but not entirely correct. a Chid and dependent care tax credit b. Child and dependent care tax credit Amounts $ 4,040 0 45% 44% 43% 42% 41% 40% 39 38 S133,001- 135,000 $135,001- 137,000 $137,001- 139,000 $139.001- 141,000 S141,001- 143.000 $143,001- 145,000 $145,001 147.000 $147,001 - 149,000 $149,001- 151,000 S151,001- 153,000 $153,001- 155.000 $135,001- 157,000 $157,001- 159.000 $159.001- 161,000 S161,001- 163,000 S163,001- 165,000 $165,001- 167,000 37% 36% 35% 34% 33% 32% 31% 30% 29% Type here to search