Question

John and Mary are married filing jointly in 2019. They have six children under age 17 for whom they may claim the child tax credit. Their AGI was $419,400. What amount of child tax credit may they claim on their 2019 tax return?

Answer #1

J and K are a married couple filing jointly, with two children
age 14 and 18. They have adjusted gross income of $417,250 for
2018. How much is their allowable child tax credit?
a. $1,638
b. $2,000
c. $1,100
d. $1,600
e. $2,500

In 2017, Deon and NeNe are married filing jointly. They have
three dependent children under 18 years of age. Deon and NeNe’s AGI
is $813,800, their taxable income is $722,750, and they itemize
their deductions as follows: real property taxes of $10,000, state
income taxes of $40,000, miscellaneous itemized deductions of
$4,000 (subject to but in excess of 2% AGI floor), charitable
contributions of $11,050, and mortgage interest expense of $41,000
($11,000 of which is attributable to a home-equity loan...

#15. Jeremy and Ren are married, filing jointly, and earn wages of
$116,362 in 2019. They also earned $1,285 in interest on
investments and contributed $19,912 to a taz-deferred retirement
plan. They will use their 2019 standard deduction of $24,400 rather
than itemizing their deductions and claim a $2,000 per child tax
credit for each of their three children. Calculate Jeremy and Ren's
taxable income. Answer should be a whole number.

In 2017, Janet and Ray are married filing jointly. They have
five dependent children under 18 years of age. Janet and Ray’s
taxable income is $140,000, and they itemize their deductions as
follows: real property taxes of $5,000, state income taxes of
$9,000, and mortgage interest expense of $15,000. a. What is Janet
and Ray’s AMT?

Max and Jo are married, filing jointly, and earned wages of
$96,400 in 2019. They also earned $822 in interest on investments
and contributed $11,320 to a tax-deferred retirement plan. They
claimed tax-deferred educator expenses of $185 and will use their
2019 standard deduction of $24,400 rather than itemizing their
deductions. Finally, they claim $2,000 child tax credits for each
of their two children. Calculate Max and Jo's gross income.
Calculate Max and Jo's adjusted gross income. Calculate Max and...

Max and Jo are married, filing jointly, and earned wages of
$96,400 in 2019. They also earned $822 in interest on investments
and contributed $11,320 to a tax-deferred retirement plan. They
claimed tax-deferred educator expenses of $185 and will use their
2019 standard deduction of $24,400 rather than itemizing their
deductions. Finally, they claim $2,000 child tax credits for each
of their two children.
Calculate Max and Jo's gross income.
Calculate Max and Jo's adjusted gross income.
Calculate Max and...

HAROLD AND MARY HAVE TWO CHILDREN UNDER AGE OF 17, 2017 TAX
LIABILITY OF 700.00.ASSUME THAT 15% OF EARNED INCOME ON EXCESS OF
3000 IS 3000. HOW MUCH CHILD TAX CREDIT WILL REDUCE THEIR 2017 TAX
LIABILITY AND HOW MUCH CAN RECEIVE AS ADDITIONAL CTC REFUND
700 0 ,700 300, 700 1300, 2000 1300

Leroy and Jenny (Married Filing Jointly) have two children ages
10 and 8 at home. In 2018 they paid $10,000 in daycare to their
oldest daughter (21 years of age...and she is no longer claimed as
a dependent by Leroy and Jenny). She has cared for their children
for the last two years as part of a certified day care that she
started (she cares for 12 other children as well...the business has
been successful). Placing the children in daycare...

Angel and Nara are married filing jointly with three children
all under the age of 13. Angel
is a stay-at-home dad while Nara is an engineer for a local
consulting firm. Angel shops
online to get the best prices on items to support the family and
purchased $18,744 of items
each above $1,000 and $487 of items each below $1,000 from out
of state retailers. They live
in a sales tax rate area of 7.75% and paid $2 of sales...

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.
EXHIBIT 8-8 Child Tax Credit Phase-Out
Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000
b. His AGI is $420,000.
c. His AGI is $420,100, and...

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