Respuesta :
$2,000 will be Mr. and Mrs. Kains' child tax credit. Hence, the correct choice of answer for this question would be option (b).
Explain child tax credit.
Different nations offer parents with dependent children a tax advantage known as the child tax credit (CTC). The credit is frequently correlated with the number of dependent children a taxpayer has, as well as occasionally with their income. For instance, only families in the United States who earn less than $400,000 year are eligible to get the entire CTC. Similar to the United States, only families earning less than £42,000 a year are eligible for the tax credit in the United Kingdom. Taxpayers with kids under 17 are eligible for the child tax credit. The CTC has been $2,000 per eligible child since 2018. For single filers earning up to $200,000 and married couples filing jointly earning up to $400,000, it is fully accessible.
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The complete question is mentioned below :
Mr. and Mrs. Kain reported $80,000 AGI on their joint return. The couple has four dependent children: Beatrice, age 19; Bruce, age 16; Angie, age 11, and Arnold, age 8. Compute the Kains’ child credit.
a. $1,000
b. $2,000
c. $3,000
d. $4,000
