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Howard and Bernadette are married (filing jointly) and have three qualifying children (ages 4, 12, and 15). Their AGI (100% earned income) is $20,000. Since their standard deduction is $25,000, their taxable income will be zero. What is the refundable portion of their child tax credit under the normal rules? O $4,200 O $1,400 $0 O $2,625

Howard and Bernadette are married (filing jointly) and have three qualifying children (ages 4, 12, and 15). Their AGI (100% earned income) is $20,000. Since their standard deduction is $25,000, their taxable income will be zero. What is the refundable portion of their child tax credit under the normal rules? O $4,200 O $1,400 $0 O $2,625

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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Howard and Bernadette are married (filing jointly) and have three qualifying children (ages 4, 12, and 15). Their AGI (100% earned income) is $20,000 Since their standard deduction is $25,000, their taxable income will be zero. What is the refundable portion of their child tax credit under the normal rules? O $4,200 O $1,400 $0 O $2,625
Transcribed Image Text:Howard and Bernadette are married (filing jointly) and have three qualifying children (ages 4, 12, and 15). Their AGI (100% earned income) is $20,000 Since their standard deduction is $25,000, their taxable income will be zero. What is the refundable portion of their child tax credit under the normal rules? O $4,200 O $1,400 $0 O $2,625
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