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Dong and Chen are a married couple with four dependent children under the age of 17. Their adjusted gross income is $222,800.00, and they
Dong and Chen are a married couple with four dependent children under the age of 17. Their adjusted gross income is $222,800.00, and they plan to take the standard deduction. Calculate their total tax as well as the child tax credit that they can claim for the 2020 tax year. Assume that their filing status is married filing jointly spouse and that all of their income is taxable and the amount does not include any dividends or capital gains. Dong and Chen's standard deduction for the 2020 tax year is $ (Enter the amount to the nearest cent.) Click the following link for a standard deduction table:
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