Determining the final tax liability


Mr. and Mrs. McMurray have three children ages 3, 6, and 12 for which they paid $7,500 in child care expenses this year. Assume the McMurray's tax liability is initially calculated to be $10,000. Then apply a 20% tax credit for child care expenses within limits normally allowed. How much will their final tax liability be?

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Finance Basics: Determining the final tax liability
Reference No:- TGS049306

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