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If you had $12,000 in income, for example, and $800 in eligible child care expenses, then, your credit would be 35 percent of $800, or $280. For taxpayers with incomes of more than $43,000, the percentage was 20 percent, with no upper income limit.
To get an idea of how much dependent children can reduce tax liability, consider a married couple filing jointly, with a total annual income of $50,000, who have two qualifying children. Claiming the two children as dependents reduces their taxable income to $41,900. The EIC then provides a tax credit of $5,616, and the child tax credit provides an additional $2,000 credit, bringing their taxable income down to $34,284. Qualified Dependents