Bob and Carol file their tax returns using the married filing jointly status. Their AGI is...
Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children?
a.$4,000
b.$2,850
c.$0
d.$2,000
e.None of these choices are correct.
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Bob and Carol file their tax returns using the married filing
jointly status. Their AGI is...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Marr...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
Boyd and Susan are married filing jointly in 2020. They have three children for whom they...
Boyd and Susan are married filing jointly in 2020. They have three children for whom they may claim the child tax credit. Their AGI was $415,000. What amount of child tax credit may they claim on their 2020 tax return? Multiple Choice О O $0 $3,000 $5,250 $6,000
Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the...
Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the child tax credit. Their MAGI is $210,000 and their tax liability is $12,500. Calculate their initial child tax credit and the amount of refund the couple will receive for 2019
paid as an itemized deduction rather than as a foreign tax credit? A) The foreign tax...
paid as an itemized deduction rather than as a foreign tax credit? A) The foreign tax paid was less than 10% of AGL B) The foreign tax paid was to a South American country. C) The foreign tax paid was a property tax. D) The foreign tax paid was an income tax. 23) Waseem has $103,000 total taxable income, which includes $11,000 of taxable income from India. He paid $4,000 in foreign income taxes and his U.S. tax liability is...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $122,000. Santiago and Amy's child tax credit is $_______
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $122,000. Santiago and Amy's child tax credit is $_______
5. Consider a couple who jointly earn $300,000, have three children ages 10, 15 and 20. They pay ...
5. Consider a couple who jointly earn $300,000, have three children ages 10, 15 and 20. They pay $4,000 in child care expenses for the child who is 10, pay $25,000 in college tuition for the other child (who is 20 years old), pay $5,000 in mortgage interest, and pay $22,000 state and local property taxes. Assume they file their tax return jointly. It makes sense to use a spreadsheet to do this problem. Do not use a tax calculator....
Santiago and Amy are married and file a joint tax return, claiming as dependents their three...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $112,000. Santiago and Amy's child tax credit
Santiago and Amy are married and file a joint tax return, claiming as dependents their three...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $123,000. Santiago and Amy's child tax credit is
Santiago and Amy are married and file a joint tax return, claiming as dependents their three...
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $135,000. Santiago and Amy's child tax credit is $
Jerry and Ellen are married filing jointly with AGI of $45,000. They made a $1,690 contribution...
Jerry and Ellen are married filing jointly with AGI of $45,000. They made a $1,690 contribution to a qualified retirement plan. How much is their retirement savings contributions credit? Use Table 9-2. Multiple Choice Ο $0. Ο $169. Ο $338. Ο $845.
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
Boyd and Susan are married filing jointly in 2020. They have three children for whom they may claim the child tax credit. Their AGI was $415,000. What amount of child tax credit may they claim on their 2020 tax return? Multiple Choice О O $0 $3,000 $5,250 $6,000
paid as an itemized deduction rather than as a foreign tax credit? A) The foreign tax paid was less than 10% of AGL B) The foreign tax paid was to a South American country. C) The foreign tax paid was a property tax. D) The foreign tax paid was an income tax. 23) Waseem has $103,000 total taxable income, which includes $11,000 of taxable income from India. He paid $4,000 in foreign income taxes and his U.S. tax liability is...
Jerry and Ellen are married filing jointly with AGI of $45,000. They made a $1,690 contribution to a qualified retirement plan. How much is their retirement savings contributions credit? Use Table 9-2. Multiple Choice Ο $0. Ο $169. Ο $338. Ο $845.
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