Mgt 495

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State University of New York at Oswego School of Business |ACC 330 |Dean Crawford | |Income Tax Accounting I |Office: 328 Rich Hall | |Fall 2011 |Phone: 312-3561 | | |E-mail: dean.crawford@oswego.edu | Final Exam December 12 and 14, 2011 | |Name: |SOLUTION…show more content…
Compute Jack and Amy’s child tax credit for 2011 and indicate what portion is refundable. | |Credit: | (2 × $1,000) |$ |2,000 | | | | | | | | | |Refundable portion: | | | | | | |Earned income |$ |29,550 | | | | |Threshold | |3,000 | | | | | | |26,550 | | | | | | |× .15 | | | | | |$ |3,983 | | | |All $2,000 of the credit is refundable. | | | |
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