Answer:
$4000
Explanation:
Step 1. Given information.
The child tax credit is $2000 per child.
Step 2. Formulas needed to solve the exercise.
Total amount of credit = Number of kids * amount of credit.
Step 3. Calculation and Step 4. Solution.
The AGI limit phaseout begins at $400.000 for joint tax filters. In this case there are 2 dependent kids and hence the credit = 2000*2 = 4000.
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Answer:
Option (B) is correct.
Explanation:
Given that,
Marginal federal income tax rate = 30%
Sum of your marginal state and local tax rates = 5%
Yield on thirty-year U.S. Treasury bonds = 10%
Municipal bond has a yield:
= U.S Treasury bonds × (1 - tax)
= 10% × (1 - 30%)
= (10 ÷ 100) × [1 - (30 ÷ 100)]
= (10 ÷ 100) × (70 ÷ 100
)
= (1 ÷ 10) × (7 ÷ 10
)
= (7 ÷ 100)
= 7%