Trey has two dependents, his two daughters, ages 14 and 17, at year-end. Trey files a joint
Question:
Trey has two dependents, his two 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 in each of the following alternative situations?
a. His AGI is $100,000.
b. His AGI is $420,000.
c. His AGI is $420,100 and his daughters are ages 10 and 12.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a 2500 Because Treys AGI is less than the phaseout threshold 400000 for a joint return Trey has a 20...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
In each of the following situations, determine whether Georgios Fashions is a sole proprietorship, a partnership, a limited partnership, or a corporation. 1. Georgios defaults on a payment to...
-
In each of the following situations, identify one or more ways that cultural differences may be leading to miscommunication. 1. Alan is a U.S. sales representative in South America. He makes...
-
In each of the following situations, indicate whether you would expect the business to use a periodic inventory system or a perpetual inventory system. Explain the reasons for your answer. a. The...
-
Question 3: Assume that Narine Inc. is considering leasing a car from Proctor Inc. for a period of four years. The fair value of the car today is $36,000. The current market interest rate for...
-
Use the requirements data from Problem 11 and order costs of $75/order, inventory carrying cost of $1.25/unit/period, and a unit cost of $100 in lots of less than 100 and $95 for lots of 100 or more,...
-
Find the third - degree Taylor polynomial approximating the function f ( x ) = x ^ ( 3 ) + 9 x ^ ( 2 ) - 1 1 x + 2 about x = 0 . P _ ( 3 ) ( x ) =
-
Warren Smith practices medicine under the business title Warren Smith, M.D., P.C. During April, the medical practice completed the following transactions: The business uses the following accounts:...
-
The following amounts were taken from the weekly payroll register for the Wu Vale Company on August 9, 201X. Please prepare the general journal entry to record the payroll for the Wu Vale Company for...
-
Question 25 (6 points) Susan's Silken Scarves Ltd. produces scarves in a variety of designer colours. 2021 Master budget data is as follows: Quarter Sales (all on account) Raw material purchases 1 2...
-
The headline in an article in the Sacramento Bee read Firing someone? Risk of heart attack doubles (Haney, 1998). The article explained that between 1989 and 1994, doctors interviewed 791 working...
-
Terry Hutchison worked as a self-employed lawyer until two years ago, when he retired. He used the cash method of accounting in his business for tax purposes. Five years ago, Terry represented his...
-
In 2020, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held...
-
A consumer looking to buy a used red Miata car will call dealerships until she finds a dealership that carries the car. She estimates the probability that any independent dealership will have the car...
-
Before automation became more prevalent, overhead was often calculated and allocated as a function of direct labor costs or direct labor hours. Discuss whether you feel this method of allocation is...
-
Explore and discuss the provisions and requirements of legislation or international standards such as the Payment Card Industry - Data Security Standard (PCI-DSS) Official PCI Security Standards...
-
code into adata_exploration.pyfile and print the answers for the questions above inside the script. Save the script to your computer so you can upload to the LEO assignments folder Remember to...
-
The Conrad-Demarest Model describes the conditions that the authors feel are necessary for an empire, as well as the factors that can lead to its downfall. 1.) How well do each of these empires fit...
-
1- What is the significance of these three matrices regarding their relevance for strategic planning fpr southwest airlines? 2- Describe the key information for each and how information from each...
-
In the article "Correlates for Completion of 3-dose Regimen of HPV Vaccine in Female Members of a Managed Care Organization" (Mayo Clinical Proceedings, Vol. 84, pp. 864- 870), C. Chao et al....
-
1) The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have a) An inelastic demand b) An elastic demand c) A demand curve that is...
-
Riverbend Semiconductor Corporation (RSC) is an Arizona corporation engaged in the manufacture and sale of semiconductors and other computer equipment. RSC spent $3 million on research and...
-
Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2022, GM relocated Carmen to its Brazilian operations for the remainder of 2022. Carmen was...
-
Euro Corporation, a U.S. corporation, operates through a branch in Germany. During 2022, the branch reported taxable income of $1,000,000 and paid German income taxes of $300,000. In addition, Euro...
-
What challenges arise when the HRM is uninformed concerning their legal rights and responsibilities? What is the potential impact on the organization? What should employees' expectations be...
-
Elaborate on "The Value of Learning of Applied Research Methods in Sports Management or Kinesiology" as another section of your Applied Research Methods in Sports Management. source:...
-
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used,...
Study smarter with the SolutionInn App