Lebron and Leticia Johnson have three children ages 14, 16, and 19. The 19-year-old is in the military and not a dependent. Their modified AGI is $107,500. What is the amount of the child credit to which they are entitled for 2018?
A) $0
B) $2,000
C) $3,000
D) $4,000
Answer : Option B ($2000)
Explanation : Here the two chindren who were the age of 16 and younger one who is having 14 years will only be qualifies for the child credit and for one child the credit is $1000. Therefore the answer will be 2*1000$ = $2000.
Thanks.....
Lebron and Leticia Johnson have three children ages 14, 16, and 19. The 19-year-old is in...
Mr. and Mrs. salas have three dependent children ages 13, 15, and 17. Their modified AGI for 2020 is $422,300. What is the total amount of the child credit and credit for other dependents for which they are entitled? a. $3,350 b. $6,000 c. $4,850 d. $3,385 e. None
Rose and Steve are a married couple with two qualifying children Lily is a 15-year-old high school student and Sam is a 21-year-old college student a couple reports AGI of 165,000 the couple is entitled to a child and dependent credit of $1,000 $2,000 $2,500 $4,000
13. David and Julie have two children, ages 18 and 10. Their modified AGI is $120,000. What is the amount of their child tax credit? 14. Dillon and Angie are married and incur $6,500 of qualifying expenses to care for their two children, ages 2 and 5. Dillon's earned income is $35,000 and Angie's earnings from a part-time job are $6,000. What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit?
Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2019. Compute their child credit if AGI on their joint return is $88,300. Compute their child credit if AGI on their joint return is $462,700. Compute their child credit if AGI on their joint return is $200,000 and assume that they have one non-child dependent who meets the requirements for the child credit.
Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2018. a. Compute their child credit if AGI on their joint return is $106,300. b. Compute their child credit if AGI on their joint return is $480,700. c. Compute their child credit if AGI on their joint return is $182,000 and assume that they have one non-child dependent who meets the requirements for the child credit. Complete this question by entering your...
Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $85,200. Round all calculations (including all fractions) up to the next whole number. a. Neville and Julie can claim $______ as a child credit. b. They can claim $ ______ for the child credit if their children are ages 16 and 13. c. Assume the same facts as part a except that their adjusted gross income is $430,000. Neville...
Santiago and Amy are married and file a joint tax return claiming their three children, ages 7, 14, and 22, as dependents. Their AGI is $128,000. Santiago and Amy's child tax credit for 2019 is $ ? and dependent tax credit is $. ?
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 children, ages 12, 14, and 18. Their AGI is $114,000. Santiago and Amy's child tax credit is $__?
A. Tony purchased a house in 2018 and received a mortgage credit certificate (MCC) issued by the local government. The original amount of the mortgage is $150,000, the certified indebtedness amount on the MCC is $100,000, and the mortgage interest paid during the year is $6,500. Determine the interest paid on the certified indebtedness amount. a) $9,750 b) $6,500 c) $4,333 d) $2,167 B. In 2018, Jason and Ester, a married couple, were employed all year. They each worked for...