Required information[The following information applies to the questions displayed below.]Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations?Use Exhibit 8-8.a. His AGI is $107,600.Amount of child tax creditb. His AGI is $426,900.Amount of child tax creditc. His AGI is $429,800, and his daughters are ages 10 and 12.Amount of child tax creditEXHIBIT 8-8 Child Tax Credit Phase-Out ThresholdFiling StatusPhase-Out ThresholdMarried filing jointly$400,000Married filing separately200,000Head of household and single200,000

Child tax credit is the term defined as the tax credit for the parents with the dependent children…

Answered: What amount of child credit will Trey…

What amount of child credit will Trey be able to claim for his daughters under each of the following alterna Use Exhibit 8-8. 5 AGI is $107,600. mount of child tax credit lis AGI is $426,900.

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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Carolyn has an AGI of $38,800 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice $0 $2,973 $4,152 $3,631 $6,604
Required information Problem 8-70 (LO 8-4) (Algo) [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. Problem 8-70 Part a (Algo) a. His AGI is $104,000. Amount of child tax credit
am.111.
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Listen Calculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers. a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI. b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. c. Carol is single and has one dependent 18-year-old son and $21.000 of AGI Question 30 4) Listen Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500 in 2020. Daddy Warbucks AGI for 2020 is S165.000. a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020? b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021? c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is never finalized?
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $52,400. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 $15,000 35% 15,000 17,000 34% 17,000 19,000 33% 19,000 21,000 32% 21,000 23,000 31% 23,000 - 25,000 30% 25,000 - 27,000 29% 27,000 - 29,000 28% 29,000 31,000 27% 31,000 33,000 26% '33,000 35,000 25% 35,000 37,000 24% 37,000 39,000 23% 39,000 41,000 22% 41,000 43,000 21% 43,000 No limit 20% What is their 2022 child and dependent care credit? 9,000 x
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