what first triggers the calculation of the additional child tax credit
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what first triggers the calculation of the additional child tax credit
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- Tax form 1040...12a, 12b...how do you compute those numbers 13a, 13b is the child tax credit..is it $3000 for each child and eligible dependenthi! for the tax on taxable income, I used the attached tax table, and found 6415+22%(61422-55900)=7630. Isn't that the way we should calculate the tax?Refer to the previous problem 8. If Stan's parents elected to report Stan's income on his parents' return, what would the tax on Stan's income be?
- Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question 31 options: A) Medicaid B) Social Security C) Medicare D) 401(k) retirement planQuantitatively, what is the relationship between the AGI phase-out thresholds for the $2,000 child tax credit? ( don't hand writing solution)The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. If you fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate. FEDERAL TAX BRACKETS 2018 – 2019Tax rate (%) $0 – $9,52510 $9,526 – $38,70012 $38,701 – $82,50022 $82,501 – $157,50024 $157,501 – $200,00032 $200,001 – $500,00035 $500,001+37 Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax.How much annual income tax you will have to pay if your monthly taxable income is $ 40,000
- c. Compute Charlotte's child and dependent tax credit.Charlotte's child tax credit is $8,000, of which $ ______ may be refundable and her dependent tax credit is $1,000 of which $0 may be refundable. I understand where the $8,000 comes from and the where the $1000 comes from, However the one blank, nothing seems to work, )1000, 500, 2000, etc.)H8. A- Describe what a progressive tax system and what a flat tax system are. B- Discuss the pros and cons of using these systems as the basis for our federal income tax bracketsIf Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the provided photo) P321,500 P342,500 P351,500 P358,000
- Is this statement correct based on the form 1040 above? a. The calculation for the balance due can be found on a 1040 worksheet and not on the form 1040 itself. b. The child tax credit increases the taxpayer's refund by $500 Edit - this is the only imformation the test provides for this qiestionCalculate the amount of the child and dependent care credit allowed before any tax liability limitations or other credits for 2021 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 27% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 31% 43,000 – No limit 20% Question Content Area a. William and Carla file a joint tax return. Carla earned $27,500 during the year, while William attended law school full-time for 9 months and earned no income. They paid $3,500 for the care of…Using the Code Arranged Annotations & Explanations (USTR) Topic Index, the child tax credit can be found in A. Section 24(a) B. Section 179A C. Section 30B D. None of the above
