Sam and Kam are married and file a joint return with an AGI of $250,500. They have three dependent children ages 7, 10, and 17 (ages at the end of 2022). With respect to their children, what amount, if any, of Child Tax Credit and/or Dependent credit can Sam and Kam apply to their return?

	a.	$4,500
	b.	$4,000
	c.	$6,000
	d.	$0 because they exceed the threshold to apply any credit.

Taxpayer Xi is able to make a present interest cash gift up to $16,000 to a donee (someone who receives the gift/beneficiary) in 2022 without having to file a tax return. The amount up to $16,000 is not included as a taxable gift under what principle?

	a.	The Unified Credit
	b.	The Exemption Equivalent
	c.	The Assignment of Income Doctrine
	d.	The Annual Exclusion

1. Natallia is 16 years old and lives at home with her parents who report her as their dependent. In 2021, Natallia received interest income from an online savings account and earned income from her part-time job. Unearned income: $2,300 Earned income: $500 What is Natallias taxable income and how is it taxed?

   	a.	Since Natallia is a dependent, her income is not taxed
   	b.	Taxable income is $2,800, 2,200 is taxed at parents rate and $600 is taxed at childs rate.
   	c.	Taxable income is $2,800, taxed at childs rate.
   	d.	Taxable income is $1,700, all is taxed at childs rate.
   	e.	Taxable income is $1,700, $100 is taxed at parents rate and $1,600 is taxed at childs rate.