Question

# Michael and Diana are married and have three children, Amara, Bryan, and Skyla, ages 16, 14,...

Michael and Diana are married and have three children, Amara, Bryan, and Skyla, ages 16, 14, and 8 respectively. They live at 120 Main Street, Flushing NY 11425. Michael is a professor working TMCC's  Business department. Diana works part-time for Creation, a genetic research lab. During 2019, Michael and Diana earned \$52,000 in wages and \$500 in interest income. Assume for 2019, Michael and Diana are filing a joint return and all their children are qualified dependents.

Instructions: Compute if any, the amount of Child Tax Credit and EIC they can claim

The child tax credit is upto \$2000 per child under the age of 17. If credit exceeds owed tax, families may receive upto \$1400 per child as a refund. Other dependents uncluding children between the age of 17-18 and full time college students between the age of 19-24, can receive a non refundable credit of upto \$500 each.

Investment income should be \$3600 or less in the year.

Max credit amount for 2019:

- 6557 with three or more children

- 5828 with two children

- 3526 with one child

- 529 with no child

 Filing 0 1 2 3 Single, head of household or widowed 15570 41094 46703 50162 Married filing jointly 21370 46884 52493 55952

In the given case, there are 3 children

Total credit = 2000x3 = 6000

Total joint income = 52000+500 = 52500

#### Earn Coins

Coins can be redeemed for fabulous gifts.

##### Need Online Homework Help?

Most questions answered within 1 hours.

##### Active Questions
• 2. Perform 2 iterations of Newton’s method on f(x,y)=x^4+4x^2*y+4y^2+2x+2y starting at(1,1).
• Describe the ways in which financial management, incentives, and objectives for healthcare organizations, especially not-for-profits, tend...
• 3. If audio is added to the above video with the following specifications: · Sample rate...
• I have an object struct named Course. I also have an array Course array[CAPACITY], where capacity...
• ccording to Kottak, "Capital" refers to: a. Practicing sustainability to ensure ecological stability for long-term profit...
• Calculate the Delta G for the following reaction at 25 degrees Celcius 3Co^+2 (aq) + 2Al(s)...