Question 5 - Chapter 14 Homework - Connect part 2

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Texas A&M University, Corpus Christi *

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Accounting

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Nov 24, 2024

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pdf

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eBook References 5 0/1 points awarded Scored Show my answers Explanation a. $6,000 child credit ($2,000 × 3 children under age 17) b. AGI $ 465,700 AGI threshold (400,000) Excess AGI $ 65,700 $65,700 excess AGI ÷ $1,000 (rounded up) 66 Maximum total credit $ 6,000 Phaseout ($50 × 66) (3,300) Child credit $ 2,700 c. $6,500 child credit [$2,000 × 3 children under age 17 plus one non-child dependent ($500)] Chapter 14 Homework 0.67/10 Total points awarded Help Exit Submitted Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2022. Required: a. Compute their child credit if AGI on their joint return is $91,300. b. Compute their child credit if AGI on their joint return is $465,700. c. Compute their child credit if AGI on their joint return is $197,000 and assume that they also have one non-child dependent who meets the requirements for the child credit. Required A Required C Complete this question by entering your answers in the tabs below. Compute their child credit if AGI on their joint return is $465,700. Note: Round your intermediate calculations to the nearest whole number. Required A Required B Required C $ Child Credit 2,700 Prev of 10 Next 5
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