In an email to you, your supervisor, Nat Smith, has made you aware of an upcoming meeting with Bill and Jill Jones, important clients of the firm that employs Nat and you. In the email, Nat noted that Bill and Jill have a number of questions regarding the child tax credit. At the meeting, Bill and Jill would like to have a conversation about the items outlined below. Nat has asked you to enable and lead that discussion. Nat recalled that the Tax Cut and Jobs Act and the American Rescue Plan Act made substantial changes to the child tax credit. Nat asked you to do the following. 1. Identify the paragraph of the Code that defines the term qualifying child for purposes of the child tax credit. Identify the exact language used in that paragraph for purposes of the age limitation of the provision. If the paragraph references another subsection of the Code, identify that subsection and the definitional elements outlined in that subsection. 2. Identify the dollar amount of the phaseout threshold for joint filers for the period from 2018 through 2025 and the paragraph of the Code that demonstrates that dollar amount. Also, identify the paragraph of the Code that establishes that the otherwise available credit is reduced by fifty dollars for every one-thousand dollars (or portion thereof) of excess modified AGI. 3. Identify the paragraph of the Code that outlines the refundable portion of the child tax credit. 4. For 2023, Bill and Jill expect to have 1) $485,001 of AGI, 2) three child tax credits, 3) one dependent tax credit, 4) earned income of $10,800, 5) tax liability (prior to the application of any credits) of $400, and 6) withholding of $7,250. Compute the Jones anticipated 2023 balance due or overpayment. Using the textbook and the research service accompanying the textbook, address the above requests. Include a handwritten demonstration of the computational item above