What is their child and dependent care credit? please show, Ask an Expert

Accounting

Martin and Rachel are married and have a 3-year-old child. Martin is going to medical school full-time for 12 months of the year and Rachel earns $45,000. Their child is in day care so Martin can go to school while Rachel is at work. The cost of their day care is $10,000. What is their child and dependent care credit? Please show your calculations and explain. Be sure to consider any and all limitations on the credit allowed.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9417196

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