Dabney and Nancy Are Married, Both Gainfully Employed, and Have

question 30

Essay

Dabney and Nancy are married, both gainfully employed, and have two children who are 3 and 6 years old.
Dabney's salary is $35,000 while Nancy's salary is $40,000. During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.

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Definitions:

Genetic Influence

The impact of genes inherited from parents on the traits and characteristics of an individual.

Genetic Makeup

The unique set of genes inherited from both parents that define an individual's hereditary characteristics.

Genotype

The genetic makeup of an individual organism, including all of their genes, both expressed and not expressed.

Phenotype

Phenotype is the set of observable characteristics or traits of an organism, resulting from the interaction of its genotype with the environment.