Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lewis and Sacagewa Clark are married and both have Master's Degrees. The Clarks have three children: Lizette, Louisiana, and Jefferson. Lizette and Louisiana are 10
Lewis and Sacagewa Clark are married and both have Master's Degrees. The Clarks have three children: Lizette, Louisiana, and Jefferson. Lizette and Louisiana are 10 and 14 respectively. Lizette and Louisana are in a private school where the tuition is $5,000 a year per student. The Clarks also pay $1,000 per year per child for after-school care. Jefferson is 19 and is in his second year at the University of South Carolina on a partial football scholarship. The Clarks paid the remaining portion of Jefferson's tuition not covered by the scholarship, which was $3,000. They also paid for Jefferson's room and board, which was $7,500. Compute the Clark's net child tax credit if the Clark's earned a salary of $200,000 as tour guides, had an AGI (and modified AGI) of $145,000, and had taxable income of $95,000.
Step by Step Solution
★★★★★
3.46 Rating (156 Votes )
There are 3 Steps involved in it
Step: 1
The Child Tax Credit is subject to income phaseouts for taxpayers The phaseout begi...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started