Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51,000 and paid $3,700 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit?

amount of credit Kobe receive for child & dependent care credit is $740

Explanation:

given data

Lizzie age = 7

Leslie age = 3

AGI = $51,000

paid care center = $3,700

to find out

amount of credit can Kobe receive

solution

we know that here when AGI is more than $43,000

than there child and dependent care credit = 20% of the expenses ... 1

so here amount of credit receive will be as

amount of credit Kobe receive = 20% * paid care center ... 2

amount of credit Kobe receive = 20% * $3700

amount of credit Kobe receive = $740

so amount of credit Kobe receive for child & dependent care credit is $740