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Income Tax Credits (LO. 6) Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year
Income Tax Credits (LO. 6) Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $83,000. Round all calculations (including all fractions) up to the next whole number. a. Neville and Julie can claim $ 2,000 as a child credit. Feedback Check My Work The child credit provides tax relief to taxpayers with children under a certain age. There is a phase out as income increas b. They can claim $ 4,000 for the child credit if their children are ages 16 and 13. Feedback Check My Work Correct c. Assume the same facts as part a except that their adjusted gross income is $426,500. Neville and Julie are allowed a child credit of $ 1,900 X. Their child credit is reduced by $ 1,350 due to their adjusted gross income. Feedback Check My Work Partially correct Feedback Check My Work Partially correct
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