Question
Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use
Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use 2022 tax law.
Use these instructions: 2022 Instruction 1040 (irs.gov).
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None of the parents received Advance Child Tax Credit Payments.
Andy and Sally are married and under 50. They have 3 children ages 7,9 and 11. They pay Sallys mom $200 a month for the entire year to care for the children.
Sallys salary (Federal withholding $ 800) 8,000
Andys salary (Federal withholding $500) 7,000
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If they take a standard deduction, compute their taxable income:
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Do they qualify for an earned income credit? Why or why not? If so, how much?
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Do they qualify for a childcare credit? Why or why not? If so, how much?
Do they qualify for a child tax? Why or why not? If so, how much?
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Compute their tax please show your work.
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Compute their tax liability or refund:
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