Which of the following statements concerning the credit for child and dependent care expenses is not correct?
a. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount.
b. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount.
c. If a taxpayer's adjusted gross income exceeds $43,000, the rate for the credit for child and dependent care expenses is 20%.
d. If a taxpayer's adjusted gross income exceeds $15,000 but is not over $17,000, the rate for the credit for child and dependent care expenses is 35%.
e. All of the above statements are correct.
d
RATIONALE: If AGI exceeds $15,000 but is not over $17,000, the credit is 34%.
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