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Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14)
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Charlotte's father earned $2,400 from a part-time job and received $5,500 of municipal bond interest. Charlotte has a salary of $81,800, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the Components of the tax formula to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. 56,100 b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ c. Compute Charlotte's child and dependent tax credit. 6,202 for 2023. Charlotte's child tax credit is $ 6,000 of which $ 8,000, of which $ 0 may be refundable. 6,400 may be refundable and her dependent tax credit is $
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