!Required information[The following information applies to the questions displayed below.]Trey has two dependents, his daughters, ages 14 and 18, at year-end.Trey files a joint return with his spouse.What amount of child tax credit (either as a child or a qualifyingdependent) will Trey be able to claim in 2023 for his daughters undereach of the following alternative situations? Use Exhibit 8-8.a. His AGI is $106,900.Amount of child tax credit

A taxpayer is eligible to claim child and dependent care credit if he/she paid expenses for the care…

Answered: Trey has two de

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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Richard McCarthy (born 2/14/1966; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1968; Social security number 101-21-3434) have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. The McCarthys also have a 12-year-old daughter Justine, (Social Security number 444-23-1212), who lives with them. The McCarthys can claim a $2,000 child tax credit for Justine and a $500 other dependent credit for Jack. The McCarthys did not receive an EIP in 2020. Richard is the CEO at a paper company. His 2020 Form W-2 is provided. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales $270,500 Returns 9,000 Inventory:…
1
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Greg (45) and Penny (45) are married. Their sons, Theo (18) and Oliver (14), who are both high school students, lived with them all year. The boys received more than 50% of their support from their parents. Greg's wages were $52,000; Penny's wages were $38,750; Theo's gross income was $7,200; Oliver's was $350. Question 13 of 50. What is Greg's correct and most favorable 2019 filing status? O Single. O Married filing jointly O Married filing separately. O Head of household. O Qualifying widow(er). O Mark for follow up Question 14 of 50. Do Greg and Penny meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. O Greg and Penny may only claim the Child Tax Credit. O Greg and Penny may only claim the Other Dependent Credit. O Greg and Penny may claim both the Child Tax Credit and the Other Dependent Credit. O Mark for follow up Question 15 of 50. Is Greg eligible to claim and receive the Earned Income Tax…
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