Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. George and Tori are married filing jointly in 2020. They have four dependent children. Their AGI is $454,400. Their children's ages on December
1. George and Tori are married filing jointly in 2020. They have four dependent children. Their AGI is $454,400. Their children's ages on December 31, 2020, are: 20, 18, 16, and 12. The amount of child and other dependents tax credit they may claim in 2020 is: a. $1,250. b. $2,300. c. $2,250. d. $2,700. e. none of the above. 2. Michelle earned a salary of $260,000 in 2020. Her Social Security and Medicare tax (FICA) for 2020 (rounded to the nearest whole dollar amount) is: a. $19,890. b. $12,847. c. $12,307. d. $11,977. e. none of the above. 3. Stan and Carrie are married with one child, Hunter, age 2. Carrie is employed full-time and earned $40,000; Stan is a full-time student at CMU who attended CMU for 10 months in 2020. He is not employed. During 2020, they paid $2,800 for Hunter to attend Zion Day Care Center while Carrie was at work and Stan was attending classes at CMU. The amount of child and dependent care credit they may claim for 2020 is: a. $0. b. $660. C. $616. d. $550. e. none of the above.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started