1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vovangra [49]
3 years ago
8

In 2019, George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Ass

uming their AGI is $119,650, George and Martha's child tax credit is: a.$0. b.$4,000. c.$2,000. d.$3,000.
Business
1 answer:
Tresset [83]3 years ago
8 0

Answer:

The answer is option (b)$4,000

Explanation:

Solution

Given that:

Now

The income of George and Martha is =$119.650

For year 2019 child tax credit is $2,000 per dependent child subject to a minimum income of $2,500.

The Income limit for Married Jointly Filed is= $400,000.

Thus

They are eligible for $2,000 tax credit per child.

So,

Tax Credit = $2,000 * 2

= $4,000

Note: The AGI limit phaseout begins at $400000 for joint tax filers

You might be interested in
This information relates to Ayayai Real Estate Agency.
posledela

Answer:

Oct. 1

Dr Increase Assets

Dr Cash $29,100

Cr Increase stockholders'equity

Cr Common stock $29,100

Oct. 2

Dr No Effect

Dr No Effect $0

Cr No Effect

Cr No Effect $0

Oct. 3

Dr Increase Assets

Dr Office furniture $3,610

Cr Increase Liabilities

Cr Accounts payable $3,610

Oct. 6

Dr Increase Assets

Dr Accounts receivable $10,000

Cr Increase Revenues

Cr Service revenue $10,000

Oct. 10

Dr Increase Assets

Dr Cash $130

Cr Increase Revenues

Cr Service revenue $130

Oct. 27

Dr Decrease Liabilities

Dr Accounts payable $600

Cr Decrease Assets

Cr Cash $600

Oct. 30

Dr Increase Expenses

Dr Salaries and wages expense $2,500

Cr Decrease Assets

Cr Cash $2,500

Explanation:

Preparation of the debit-credit analysis for each transaction.

Oct. 1

Dr Increase Assets

Dr Cash $29,100

Cr Increase stockholders'equity

Cr Common stock $29,100

(Being To record common stock)

Oct. 2

Dr No Effect

Dr No Effect $0

Cr No Effect

Cr No Effect $0

Oct. 3

Dr Increase Assets

Dr Office furniture $3,610

Cr Increase Liabilities

Cr Accounts payable $3,610

( Being To record purchase of office furniture)

Oct. 6

Dr Increase Assets

Dr Accounts receivable $10,000

Cr Increase Revenues

Cr Service revenue $10,000

( Being To record service revenue)

Oct. 10

Dr Increase Assets

Dr Cash $130

Cr Increase Revenues

Cr Service revenue $130

(Being To record service revenue)

Oct. 27

Dr Decrease Liabilities

Dr Accounts payable $600

Cr Decrease Assets

Cr Cash $600

(Being To record payment of office furniture)

Oct. 30

Dr Increase Expenses

Dr Salaries and wages expense $2,500

Cr Decrease Assets

Cr Cash $2,500

(Being To record salaries expense)

4 0
3 years ago
Based on what you have learned, why does the ITA believe that fair trade is important to US businesses and to the world?
Anastaziya [24]
T<span>he ITA believes that fair-trade policies allow countries to import and export freely, allowing consumers to save money. It will also create economic opportunities that will help to improve economies in other countries, which could contribute to solving global issues like poverty. To meet these goals, the ITA believes that trade barriers need to be eliminated.</span>
7 0
3 years ago
Read 2 more answers
A loss is when
Illusion [34]

The answer is B revenue is less than expenses

5 0
3 years ago
Read 2 more answers
Explain how a school's published price (also known as<br> sticker price) and net price differs.
miv72 [106K]

Answer:

Sticker price is the published tuition and fees whereas net price is what the student pays after financial aid (much lower than sticker price).

Hope this helped! :)

5 0
3 years ago
How much manufacturing overhead was incurred during the​ year? Is manufacturing overhead underallocated or overallocated at the
professor190 [17]

Answer:

1. Overhead incurred during the year;

= Depreciation on manufacturing plant and equipment + Property taxes on plant + Plant Janitors wages

= 485,000 + 19,000 + 9,500

= $513,500

2. The under or over allocation depends on how much manufacturing overhead was allocated to jobs for the year.

= Actual machine hours * Overhead rate

Overhead rate = Manufacturing overhead cost / Allocated Machine hours

= 570,000 / 71,250

= $8

Allocated Manufacturing Overhead = 57,000 * 8

= $456,000

The allocated manufacturing overhead is more than the actual overhead. This means that it is Underallocated and the company did not budget enough for the overheads.

Underallocation = 513,500 - 456,000

= $57,500

6 0
3 years ago
Other questions:
  • Nasa wanted to know if extended periods of weightlessness would have an impact on long-term circulatory function. the agency loc
    14·1 answer
  • In the decision-making process, after you have chosen the right solution, what is the next step? A. Act on your decision. B. Ref
    15·2 answers
  • How to make a business tycoon by yourself?
    15·1 answer
  • __________________-- stresses that in some cases, countries specialize in the production and export of particular products not b
    10·1 answer
  • "Cincinnati Supply, Co. is a local supplier to the Kraft Heinz Company, which is the third-largest food and beverage company in
    15·1 answer
  • Waterway Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1,
    8·1 answer
  • A movie production studio incurred the following costs related to its current movie: Purchased office supplies on account: $36,0
    14·1 answer
  • Gugenheim, Inc., has a bond outstanding with a coupon rate of 6.3 percent and annual payments. The yield to maturity is 7.5 perc
    12·1 answer
  • After Joe and Stephanie placed an offer on a house, the realtor came back to tell them they had Consensus ad idem. What does thi
    7·1 answer
  • Journalize the entries to correct the following errors:
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!