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a. Jose and Jane are married and file a joint tax return claiming their three children, ages 4, 5, and 18, a as $125,400 and their pre-credit tax liability is $14,000. They are not claiming any other tax credits in 202 child tax credit for 2022.

a. Jose and Jane are married and file a joint tax return claiming their three children, ages 4, 5, and 18, a as $125,400 and their pre-credit tax liability is $14,000. They are not claiming any other tax credits in 202 child tax credit for 2022.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jose and Jane's Child Credit a. Jose and Jane are married and file a joint tax return claiming their three children, ages 4, 5, and 18, as dependents. Their AGI for 2022 is $125,400 and their pre-credit tax liability is $14,000. They are not claiming any other tax credits in 2022. Determine Jose and Jane's child tax credit for 2022.
Transcribed Image Text:Jose and Jane's Child Credit a. Jose and Jane are married and file a joint tax return claiming their three children, ages 4, 5, and 18, as dependents. Their AGI for 2022 is $125,400 and their pre-credit tax liability is $14,000. They are not claiming any other tax credits in 2022. Determine Jose and Jane's child tax credit for 2022.
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