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
Licemer1 [7]
3 years ago
12

Amy and Hobbes are married and file a joint return. Their three children are 7, 9, and 18 years old. Their modified AGI is $58,0

00, and their tax liability on Form 1040, line 12a, is $3,647. They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 13a
Business
1 answer:
Klio2033 [76]3 years ago
5 0

Answer:

The amount of their child tax credit is $4,000 ($2,000 for each qualifying child).

Explanation:

a) Data and Calculations:

Modified AGI = $58,000

Tax liability = $3,647

Dependent children = 3 (aged 7, 9, and 18)

Qualifying children for child tax credit = 2 (aged 7 and 9)

Child tax credit = $2,000 x 2 = $4,000

Refundable tax credit = $1,4000 x 2 = $2,800

This means that Amy and Hobbes will pay tax of $847 ($3,647 - $2,800).

b) However, they can only be refunded $2,800 ($1,400 for each qualifying child).  According to the IRS records, starting with the 2018 tax year until the end of 2025, the new $2,000-per-qualifying-dependent-child credit makes $1,400 of the Child Tax Credit refundable.

You might be interested in
A ________ involves killing at least four victims at one location during one event.
Gnom [1K]
The answer to this question is Mass murder
One more aspects that needed to be filled to be considered as a mass murder is the intention. It could be considered a mass murder if the killing is purely intentional.
If the killing of four victims happen because of an accident (such as drivig a vehicle toward another and caused the deaths), then the event still not considered as a mass murder.
8 0
3 years ago
Compare and contrast the U.S. Constitution and the Arizona Constitution. Discuss three findings that account for the significant
marysya [2.9K]

Development, Structure and powers of U.S constitution and Arizona constitution have a huge comparison.

<u>Explanation: </u>

Unlike the United States Constitution, which was embraced in 1787, that wasn't until 1912 that perhaps the Arizona Constitution was accepted, leading to the creation of the 48 states

The common terms,' we the people' all constitutions begin with, but include many different things. After all, there were certain differences between one condition and another for a set of fifty.

The Arizona Constitution states that the legislature must be split into three parts-Legislative, Legislative and executive–which are not applicable to the United States Constitution

Many think of forms to deny or expel someone from office. They will enforce them in both Constitutions. All define the qualifications for their office if they would like to run for office. Another connection that I found was apparent but significant nonetheless.

They both mention the theme of religious liberty, one of the most valuable values in our society. Eventually, both inspire their lawmakers to negotiate with them.

5 0
3 years ago
Mining Corporation bought land for $330,000 (residual value $22,000) that is estimated to yield 660,000 pounds of a removable na
likoan [24]

Answer:

35933

$46,200

Explanation:

Depletion = amount of pounds extracted x depletion factor

depletion factor  = (cost of asset - salvage value) / estimated yield

(330,000 - 22,000) / 660,00 = 0.467

2021 = 0.467 x 99,000 = $46,200

6 0
3 years ago
In year 1000 a man named acholos nemroc celebrated him birthday, turning 100 years old, how old was he in -100?
Over [174]

Answer:

Okay

Explanation:

The answer is jjgxhkdyyffhohohugugojjhyfyffygihhhyghv28283939

3 0
3 years ago
Brightstone Tire and Rubber Company has capacity to produce 179,000 tires. Brightstone presently produces and sells 137,000 tire
Mariana [72]

Answer:

A. Reject (Alternative 1) $0

Accept (Alternative 2) -$815,584

Differential effect Income (Alternative 2) -$815,584

B. Goodman should REJECT the special order from Euro Motors

C.$115.69

Explanation:

a. Preparation of a differential analysis dated January 21

DIFFERENTIAL ANALYSIS

Reject (Alternative 1) Accept (Alternative 2) Differential effect Income (Alternative 2)

Revenues $0 $1,613,850 $1,613,850

(21,000 tires × $76.85 per tire)

Costs:

Direct materials 0 –$1,134,000 $1,134,000

(21,000 tires × $54 per tire)

Direct labor 0 –$504,000 $504,000

(21,000 tires × 24 per tire)

Variable factory overhead 0 –$312,480 $312,480

[21,000 tires × ($24 per tire × 62%)]

Variable selling and admin.

expenses 0 –$152,880 $152,880

21,000 tires × [(25 per tire × 44%) – ($93 × 4%)]

Shipping costs 0 –$160,650 $160,650

(21,000 tires × $7.65 per tire)

Certification costs 0 –$165,424 –$165,424

Income (Loss) $0 -$815,584 -$815,584

B. Based on the above Differentials analysis Brightstone should REJECT the special order from Euro Motors.

C. Calculation to determine minimum price per unit that would be financially acceptable to Brightstone

Minimum price per unit =$76.85-(-$815,584/21,000)

Minimum price per unit =$76.85-(-$38.84)

Minimum price per unit=$115.69

Therefore minimum price per unit that would be financially acceptable to Brightstone is $115.69

5 0
3 years ago
Other questions:
  • What is a power grid?
    9·2 answers
  • performance and management provides __________ and ____________ integration of different elements that makeup an organization
    15·1 answer
  • 6. Covered versus uncovered interest arbitrage On June 5, Ginny, an American investor, decided to buy six-month Treasury bills.
    6·1 answer
  • Your assistant wants to use secondary data exclusively for the current research project. You advise him that the use of secondar
    14·1 answer
  • Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The
    7·1 answer
  • Crane Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial info
    6·1 answer
  • Josiah was managing a factory in India, and had a decision to make. The factory used child labor, which he disapproved of, but h
    12·1 answer
  • Pleeeaaaaassseeee help
    11·1 answer
  • Loudon Company has the following unit costs: direct materials $6, direct labor $3, variable overhead $2, fixed overhead $1. Unde
    13·1 answer
  • industrialized nations have become societies and emploers used diplomas and detrees to determine who is elegible for jobs
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!