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Question 7 2.3 pts Chester and Gabby are married and file a joint tax return with a 2021 adjusted gross income of $ 172,000. They have a 19-year-old dependent son, JR, who is in his second year of college and enrolled full time. Gabby also recently started going to college. Gabby is in her first year of undergraduate education and is a part time student taking 3 credits. During 2021, Chester and Gabby paid the following costs pertaining to education: JR's tuition $ 3,400 JR's room and board $ 4,000 Gabby's tuition $ 900 How much will Chester & Gabby's 2020 American Opportunity credit total? $1,500 $1,000 $1,480 O $940 $2,500Social security & Medicare rates: Employee Employer Social security (wage base max $ 142,800) 6.2% Medicare 6.2% 1.45% 1.45% Add'l Medicare withholding (.9% on excess wages) Additional Medicare tax wage threshold: Single $ 200,000 MFJ. $ 250,000 Net Investment Income tax AGI Threshold: Single $ 200,000 MFJ $ 250,000 Tax Credits - AGI Phase-outs: American Opportunity Credit: Single: 80,000 - 90,000 MFJ: 160,000 - 180,000 Lifetime Learning Credit: Single: 80,000 - 90,000 MFJ: 160,000 - 180,000 Basic Child Tax Credit: Single: 200,000 MFJ: 400,000 Business automobile standard mileage rate = 56 cents per mile