Ask Question
BusinessBusiness
11 June, 09:51

Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children? a. $0b. $850c. $875d. $1,150e. None of the above is correct.

+5
Answers (2)
  1. 11 June, 10:32
    0
    the correct answer is

    b. $850

    good luck
  2. 11 June, 13:27
    0
    None of the above is correct

    Explanation:

    Child tax credit is designed to provide a relief for parents in taking care of their children or other dependents.

    Qualified dependent can be son, daughter, step child who must have lived with you for more than six months, proofed and claimed as dependent on the federal tax returns.

    Other Conditions for Child tax credit are

    Adjusted gross income is not more than $400,000 for the couple the child must not be older than 17 as at the the previous year

    If the conditions are met, each child is qualified for $2,000 credit.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The investment interest expense deduction is limited to the taxpayer's net investment income.
Answers (1)
Which of the following statement (s) is (are) true? a. The real rate of interest is determined by the supply and demand for funds. b. The real rate of interest is determined by the expected rate of inflation. c.
Answers (1)
What is a level of production in which the marginal production decreases with new investment?
Answers (1)
How would you assess this sample value proposition: "ABC, Inc. delivers revenue-focused marketing automation and sales effectiveness solutions to unleash collaboration throughout the revenue generation ecosystem". a. It's unclear and succinct. b.
Answers (1)
Mark and Steve work as crane operators in a construction company called Asai Corp. Asai uses a skill-based plan that establishes single flat rates for each skill level. Mark performs better than Steve even though Steve has more seniority.
Answers (1)
New Questions in Business
A coffee merchant sells a customer 5 lb of Hawaiian Kona at $9.50 per pound. The merchant's scale is accurate to within ±0.03 lb.
Answers (1)
revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. revenue, cost, and gross profit are recognized at the time the contract is completed.
Answers (1)
If i use counterfeit money can they charge me with robbery?
Answers (1)
Michael perez deposited a total of $3000 with two savings institutions. bank a pays interest at the rate of 6%/year, whereas bank b pays interest at the rate of 8%/year.
Answers (1)
Jim and sue have three children. what is the maximum amount they can give each year without having to pay a gift tax?
Answers (1)
Home » Business » Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children? a. $0b. $850c. $875d. $1,150e.
Sign Up Forgot Password?