Mr. and Mrs. salas have three dependent children ages 13, 15, and 17. Their modified AGI...
Homework Answers
The Answer is A. $3,350
Calculation:
| Excess AGI [422300 - 400000] | $ 22,300 |
| CTC phaseout $ 50 per 1000 or part there of [22300/1000]*50=23*50 | $ 1,150 |
| Credit Claim | |
| Child Tax Credit[2000*2-1150] | $ 2,850 |
| Credit for Other Dependent of age of 17 or above | $ 500 |
| Total Child Tax Credit [2850+500] | $ 3,350 |
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Mr.
and Mrs. salas have three dependent children ages 13, 15, and 17.
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Q6
What is the tax refund?
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