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Alisiya [41]
3 years ago
5

Rhianna and Jay are married filing jointly in 2018. They have six children under age 17 for whom they may claim the child tax cr

edit. Their AGI was $419,400. What amount of child tax credit may they claim on their 2018 tax return?
A) $12,000
B) $11,500
C) $11,000
D) $6,000
Business
1 answer:
katrin [286]3 years ago
7 0

Answer:

The correct answer to the following question is option C) $11,000 .

Explanation:

The phaseout limit for married couple filling their return jointly is up to $400,000, but in this case the annual gross income of Rhianna and Jay is $419,400 . So their annual gross income is $19,400 ($419,400 - $400,000) more, and then $19,400 / $1000 = $19.4 , which is approximately equal to $20.

Now the phase out limit would be $20 x $50

=$1000

For the 6 children , the tax credit wold be - $2000 x $6

= $12,000

From the above amount, the phase out amount will be deducted,

= $12,000 - $1000

= $11,000

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6 0
3 years ago
When the housing market collapsed in 2007, the demand for loanable funds decreased and caused interest rates to decrease.
o-na [289]

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4 0
1 year ago
The Bob Buckham Senior Center, a not-for-profit entity, serves a hot meal to senior citizens every Friday evening. All the food
elena-14-01-66 [18.8K]

Answer:

c. Report $10,000 revenue and expense | Disclose in the notes

Explanation:

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Len [333]

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7 0
3 years ago
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