Ask Question
BusinessBusiness
12 July, 12:36

Bruce and Kim are married and will file a joint return. They have four children who are all qualifying children for purposes of the child tax credit. They have no other credits. Their AGI is $48,300 and the tax is $1,270. What is the amount of their child tax credit on line 12a of Form 1040?

+5
Answers (2)
  1. 12 July, 12:43
    0
    The answer is: $ 8,000.

    Explanation:

    The child tax credit is a tax credit worth up to $ 2,000 for a qualifying child and $ 500 for a qualified dependent in 2019. It is one of the three federal tax credits focused on children that are among the most effective ways to reduce your tax bill.

    Therefore, if they have 4 qualified children multiplied by $ 2,000, the amount would be $ 8,000.

    The answer is: $ 8,000.
  2. 12 July, 13:03
    0
    Answer and Explanation:

    $ 1000 per qualified children, for the purpose of child tax credit.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Bruce and Kim are married and will file a joint return. They have four children who are all qualifying children for purposes of the child ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sam is the coach of a high school soccer team and has noticed that some close relationshipshave formed as well as feelings of camaraderie and shared responsibilities for the team's success. Which stage of development is the team in? A. Norming B.
Answers (2)
debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added
Answers (1)
Which of the following factors were used by Fama and French in their multifactor model? A. Return on the market index B. Excess return of small stocks over large stocks C. Excess return of high book-to-market stocks over low book-to-market stocks D.
Answers (1)
According to the text, the typical difference between "quality circles" and "continuous improvement teams" is: quality circles work on product design only. continuous improvement teams work on product and process design.
Answers (1)
Aggregate demand is everything produced while simple demand is one good. which statement reflects simple demand? A. price of a new phone B. average price level C. national inflation rate
Answers (1)
New Questions in Business
Suppose that the government sets a price floor for milk that is above the competitive equilibrium price With the price floor, consumers are willing to purchase the quantity indicated where the price floor intersects the With the price floor, the
Answers (1)
Choose the best revision of the previous sentence. Because many executives have access to company jets boards of directors have a responsibility to ensure that shareholders are not footing the bill for personal travel.
Answers (1)
Who puts the federal budget together?
Answers (1)
Board Games, Inc. makes board games. The following data pertains to the last six months:Direct Labor HoursManufacturing OverheadMonth 1 45,000 $295,000Month 2 60,000 $320,000Month 3 57,000 $323,000Month 4 52,000 $247,250Month 5 34,000 $178,200Month
Answers (1)
Chick-fil-A's "Eat Mor Chikin" advertising campaign features three cows holding signs that say things like "Save the cows, eat more chicken.
Answers (1)
Home » Business » Bruce and Kim are married and will file a joint return. They have four children who are all qualifying children for purposes of the child tax credit. They have no other credits. Their AGI is $48,300 and the tax is $1,270.
Sign Up Forgot Password?