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Compute 2018 tax return please. Show all calculation work. Additional information given (maybe not to be used): Beginning in 2018, the phaseout of the credit
Compute 2018 tax return please. Show all calculation work.
Additional information given (maybe not to be used):
Beginning in 2018, the phaseout of the credit begins with $200,000 in income ($400,000 for married filing jointly).
The personal exemption of 2018 is $0.
Note: Some information needed to do the return may be excluded, so you have to google search (percentages and such)
2018 Child tax credits are designed to give an income boost to the parents or guardians of dependent children. How much is the child tax credit? That depends on your income. The child tax credit lets you reduce your federal income tax bill by up to $2,000 for each qualifying child under the age of 17 that you claim as a dependent. The child tax credit is just that - a tax credit. It's not a deduction. Because it's a tax credit, it directly reduces the amount you owe the IRS. but you're eligible for, say, $800 of child tax credit, you now owe $2,200. So, if your tax liability is $3,000Step by Step Solution
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