EXHIBIT 8-8 Child Tax Credit Phase-Out ThresholdFiling StatusPhase-Out ThresholdMarried filing jointly$400,000Married filing separately200,000Head of household and single200,000 Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife.What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for hisdaughters under each of the following alternative situations? Use Exhibit 8-8.a. His AGI is $103,100.Amount of child tax credit

It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…

Answered: Trey has two dependents, his daughters,…

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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Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have one dependent child, Dante. The couple paid $8,070 of tuition and $16,035 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023.
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! 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 qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. c. His AGI is $420,500, and his daughters are ages 10 and 12. Amount of child tax credit
Benjamin is a taxpayer who qualifies because he has the following dependents: 17-year-old child 15-year-old child 67-year-old mother What is the max number of the child tax credit that Benjamin will receive in 2021?
Jillian and Greg are married and file a joint return. They expect to have $420,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $126,000 for mortgage interest and real estate taxes. View the 2022 tax rate schedule for the Married Filing Joint filing status. Read the requirements. the divi: (Lintas as pervomayed in the tuitial plaut.) What is the marginal tax rate if the personal residence is not purchased? What is the marginal tax rate if the personal residence is purchased? Tax without purchase of personal residence Tax with purchase of personal residence Tax savings 32 % Requirement b. What is the tax savings if the residence is acquired? (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest cent.) 83,283.50 54,832 28,451.50 24 % eens 10...3 eensh 10...0 eensh 10...1 P
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 qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. c. His AGI is $420,600, and his daughters are ages 10 and 12. Amount of child tax credit
2
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $421,200.
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$
5 people are possible dependents for Gerald’s tax return, but only 3 qualify. Who are those 3?
In 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file separate tax returns, Lisa would have reported taxable income of $126,700 and Fred would have reported taxable income of $178,500. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit?

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