Concerning the Credit for Child and Dependent Care

question 97

Multiple Choice

Concerning the credit for child and dependent care
I.If a taxpayer's adjusted gross income does not exceed $43,000, the child and dependent care credit rate is 30%.
II.Expenditures qualifying for credit can exceed the earned income of the taxpayer.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Average Number

A mathematical concept referring to the result obtained by dividing the sum of several quantities by their number; commonly used to describe the central tendency or typical value of a set of numbers.

Lifetime

The duration or period of time that an individual lives or a thing exists.

Sexual Activity

Behaviors associated with physical intimacy and reproduction between individuals.