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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.
Your child's earned income. Unlike other taxpayers, the IRS treats your child differently depending on whether they earn money from work or through investments. All dependent children who earn more than $6,200 of incomein 2014 must file a personal income tax return and might owe tax to the IRS.Earned income only applies to wages and salaries your child receives as a result of providing services to an employer, even if only through a part-time job.he tax rules allow you to claim a dependency exemption for a child if they reside with you for more than half the year, donât provide more than half of their own financial support, and are under the age of 19 at all times during the tax year, or under 24 if a full-time student.