Chin, who is not married, provides a home for his 21-year-old daughter who attends college full-time at a community college. His daughter earns $12,400 this year. Chin’s grandma also lives with him, and he provides more than 50% of her support. What credit and how much is available to Chin?   a. $0 credit allowed   b. $3,000 child tax credit, $500 family tax credit   c. $3,000 child tax credit, $0 family tax credit   d. $0 child tax credit, $1,000 family tax credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Chin, who is not married, provides a home for his 21-year-old daughter who attends college full-time at a community college. His daughter earns $12,400 this year. Chin’s grandma also lives with him, and he provides more than 50% of her support. What credit and how much is available to Chin?

  a.

$0 credit allowed

  b.

$3,000 child tax credit, $500 family tax credit

  c.

$3,000 child tax credit, $0 family tax credit

  d.

$0 child tax credit, $1,000 family tax credit

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