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Your clients Claire and Phil have the following situations. Using your knowledge of tax credits, determine how much of a tax credit they will receive
Your clients Claire and Phil have the following situations. Using your knowledge of tax credits, determine how much of a tax credit they will receive based on each sitatuation individually (meaning, do not combine the credit scenarios, analyze them individually). |
Claire earns a salary of $300,000 through her job at ABC Corp. The social security wage base for 2022 is $147,000. ABC Corp withholds OASDI taxes in the amount of $9,114 (6.2% *147,000). She also has another job through XYZ Inc. where she earns $25,000. XYZ Inc. withheld $1,550 in OASDI taxes. How much is Claire allowed to take as a credit for her excess taxes paid? |
Credit Amount=
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