Problem $7-11$

Child and Dependent Care Credit $($LO $7\mathrm{.}2,7\mathrm{.}3)$

Clarita is a single taxpayer that lives in the U$.$S$.$ with two dependent children, ages $10$ and $12.$ Clarita pays $\backslash (\backslash$$ $3,000\backslash )$ in qualified child care expenses during the year.

CHILD AND DEPENDENT CARE CREDIT PERCENTAGES

Adjusted Gross Income

If her adjusted gross income $($all from wages$)$ for the year is $\backslash (\backslash$$ $70,000\backslash )$ and she takes the standard deduction, calculate Clarita's child tax credit, earned income credit, and child and dependent care credit for $2022.$

Click here to view the Earned Income Credit table.

Click here to access the tax table for this problem.

Clarita's taxable income is $\backslash (\backslash$$ $\backslash )\backslash (\backslash$mathbf$\{$X$\}\backslash )$ with a tax liability $($pre$-$

credit$)$ of $\backslash (\backslash$ddagger $\backslash )$ X $.$ Her credits are computed below:

Child Tax Credit

$\backslash$$

Child and dependent care credit

$\backslash (\backslash$$ $\backslash )$

Earned income credit

$\backslash$$

The total refundable credits equal $\backslash (\backslash$$ $\backslash )$