esTrey 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 2022 for his daughters undereach of the following alternative situations? Use Exhibit 8-8.Required:a. His AGI is $106,200.b. His AGI is $425,000.c. His AGI is $420,600, and his daughters are ages 10 and 12.

Trey is eligible for the full child tax credit of $2,000 for each of his daughters because his AGI…

Answered: What amount of child tax credit (either…

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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Discussion Question 1-21 (LO. 4) Elijah and Anastasia are married and have five married children and nine minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit? ___________$
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
Question 38 of 58. Which of the following factors may affect the claim for childcare expenses? O The age of the child The taxpayer's earned income The taxpayer's net income O All of the above
The gross income test for a dependent who is a qualifying relative mandates that the potential qualifying relative cannot have gross income over a certain amount. What is the gross income limit for Tax Year 2023? $0 $4,400 $4,700 $13,850
J4. Please help solving Requirement B
which of the following is required for a taxpayer to be subject to the tax on unearned income of minors ( kiddie tax) in 2020? a) must have no earned income b) 21 years of age or younger c) both parents must be living d) net unearned income must exceed $2,200 e) all of the above are required
Question 31 of 50. Review the following scenario, then choose the appropriate response describing steps a paid tax preparer must take to demonstrate due diligence. Charlie (21) comes in to your office to have his tax return prepared. He states that he is a full-tim college student with income from a part-time job, and his parents will not claim him as a dependent. He wants to claim the American Opportunity Tax Credit (AOTC). Which of the following describes an appropriate question to ask or action to take ooo Ask him if he has ever been convicted of a misdemeanor offense or had his driver's license revoked. Inform him that he may be assessed a penalty of $545 if he fails to provide all the information required. Inform him he must provide copies of all transcripts before you can prepare his retum. Request a copy of his Form 1098-T, Tuition Statement, and inquire into when and how his education and other were paid. Mark for follow up Question 32 of 50. Tee of these pro ambing systems.…
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K The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72,000.00 for 2020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate? ... Assuming the Lees' filing status is married filing jointly spouse, their standard deduction for the 2020 tax year is $ deduction table: . (Enter the amount to the nearest cent.) Click the following link for a standard
Question 25 of 50. Lisa would like to claim her granddaughter, Amani, as her qualifying child so she can claim the Earned Income Credit (EIC). However, Amani's mother, Taya, is also eligible to claim Amani as her qualifying child for EIC purposes and would like to do so if she is able. As Lisa's tax preparer, what information would you share with Lisa? As long as Lisa files before Taya, she may claim EIC based on Amani, her qualifying child. O Lisa and Taya may agree to each claim one-half of the EIC based on Amani, their qualifying child. O Lisa may claim EIC based on Amani if her adjusted gross income was higher than Taya's. O Taya holds a higher right and may claim EIC based on Amani because Taya is Amani's parent. Mark for follow up Question 26 of 50
What is the total dollar amount of personal and dependency exemptions which a married couple with two children (ages 11 and 14, both of which are qualified children) and $80,000 of adjusted gross income would deduct in 2020? $fill in the blank What is the total child and other dependent credit that could be claimed (before any limitations) $fill in the blank

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What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8.