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trapecia [35]
3 years ago
6

Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their ad

justed gross income for 2019 is $415,300. What is Russ and Linda's total child and other dependent credit for 2019?
Business
1 answer:
hoa [83]3 years ago
5 0

Answer:

$3,700

Explanation:

Given that

Adjusted gross income for the year 2019 = $415,300

Children ages = 4, 7, and 18 as dependents

Based on the given information, Russ and Linda's total child and other dependent credit for the year 2019 is

= (Maximum amount per qualifying child + non-refundable tax credit) - (deductible amount × age)

= ($2,000 × 2 + $500) - ($50 × 16)

= $4,500 - $800

= $3,700

After $400,000 the $50 is decreased for each and every $1,000

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Investment                                                                           47,000

Borrowed money                                                                26,000

Total Receipts                                                                   394,200

Disbursement:  

Payment to vendor(240,000 - 39,600)                           200,400

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Insurance policy                                                                     9,300

Total Disbursement (B)                                                       238,760

Cash balance (A - B)                                                            155,440

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