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tresset_1 [31]
3 years ago
6

Durell and Earline are married, file a joint return, and their two children, ages 5 years and 6 months, qualify as dependents. A

lso, Earline's 18-year-old son from a previous marriage and not a full-time student, qualifies as a dependent. Durell and Earline's combined AGI is $68,000 Which children are "qualifying children" for the purposes of the child tax credit? Durell and Earline's child tax credit is____________.
Business
2 answers:
MrRissso [65]3 years ago
7 0

Answer:

Durell and Earlines child tax credit is  $2000

They cannot claim for Earline's son because his age is more than 17 years.

Explanation:

The child tax credit limit is 1000 for each dependant child.  

To qualify for the purposes of tax credit, a child means a child who is 17 years of age or less and who has stayed with the parents for more than 6 months. This also applies to a child who is born in that year and technically havent stayed with the parents for 6 months.

For a married couple filing a joint return the threshold limit for AGI is 110000

So, in the above problem Durell and Earline are married and their AGI Is 68000 which is well below the threshold limit.

Also, the two children eligble for tax credit are the two young ones

So, Durell and Eralines tax credit will be $1000 for each child that is $2000

Durell and Earlines child tax credit is  $2000

They cannot claim for Earline's son because his age is more than 17 years.

Delvig [45]3 years ago
5 0

Answer:

$2000

Explanation:

1000x2=2000 child tax credit

AGI is lower then 110,000 for joint filling.

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Suppose the current price of a good is $195. At this price, the quantity supplied is 160 units, and the quantity demanded is 200
KonstantinChe [14]

• eqm Q = 175

• eqm P = $ 190

<u>Explanation:</u>

At current price,  Quantity Demanded is less than Quantity supplied

As Qd = 200, Qs = 160

• so market is currently experiencing a deficiency, as Qd > Qs

•so to adjust, market price will incraese,

so that Quantity Demanded decrease & Quantity supplied increases, till Qd = Qs

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Answer:

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