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c. Assume the same facts as part a except that their adjusted gross income is $417,200. Neville and Julie are allowed a child credit of $ Their child credit is reduced by s due to their adjusted gross income.

c. Assume the same facts as part a except that their adjusted gross income is $417,200. Neville and Julie are allowed a child credit of $ Their child credit is reduced by s due to their adjusted gross income.

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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I need help on part c. Thanks.
Income Tax Credits (LO. 6) Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $82,000. Round all calculations (including all fractions) up to the next whole number. a. Neville and Julie can claim s 2,000 V as a child credit. Feedback b. They can claim 4,000 for the child credit if their children are ages 16 and 13. Feedback c. Assume the same facts as part a except that their adjusted gross income is $417,200. Neville and Julie are allowed a child credit of $ Their child credit is reduced by s due to their adjusted gross income.
Transcribed Image Text:Income Tax Credits (LO. 6) Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $82,000. Round all calculations (including all fractions) up to the next whole number. a. Neville and Julie can claim s 2,000 V as a child credit. Feedback b. They can claim 4,000 for the child credit if their children are ages 16 and 13. Feedback c. Assume the same facts as part a except that their adjusted gross income is $417,200. Neville and Julie are allowed a child credit of $ Their child credit is reduced by s due to their adjusted gross income.
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