Question

Calculate the total child and other dependent credit for the following taxpayers. Round any division "up" to the nearest whole number. a. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son:

1-James and Apple have AGI of $417,100, file jointly, and claim three dependent children (ages 7, 10, and 19):

Answer 1

Ans a $2,000 ( Jeremy)

$2,000 * 1 = $2,000

( Each child upto 17 year old get $2,000 as Child credit)

Ans is $3,700 ( James and Apple)

Child Credit: $2,000 * 2 = $4,000

Other Dependent Credit: $500 * 1 = $500

Phase Out: $800

$415,250 - $400,000 = $15,250 rounded $16,000

$16,000 / $1,000 = 16

16 * $50 = $800

$4,000 + $500 - $800 =   $3,700

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