What child tax credit can a single taxpayer claim if they have a modified AGI of
ID: 2407774 • Letter: W
Question
What child tax credit can a single taxpayer claim if they have a modified AGI of $210,000 and two children ages 5 and 7 in 2018A.$4,000 B.$3,500 C.$3,250 D.$3,000
What capital gain tax rates would apply on capital gains of $100,00 for a single parent with a qualifying child if their taxable income without the capital gains for 2018 is $310,000
A. 0% B.10% C.15% D.20%
Jennifer and Lisa have lived together for the past two years as a legally married couple in a downtown condo. Jennifer supports her son who is currently in 6th grade and lives with the couple . What standard dedication amount can Jennifer for 2018?
A.$9,550 B.$13,000 C.$18,000 D.$24,000
What is the first year in which alimony payments are includible in gross income to the recipient?
A.2030 B.2026 C.2025 D.2017
Which of the following was added to the list of items that are specifically excluded as a capital asset because of TC&JA?
A.patent B.automobile C.jewelry D.inventory What child tax credit can a single taxpayer claim if they have a modified AGI of $210,000 and two children ages 5 and 7 in 2018
A.$4,000 B.$3,500 C.$3,250 D.$3,000
What capital gain tax rates would apply on capital gains of $100,00 for a single parent with a qualifying child if their taxable income without the capital gains for 2018 is $310,000
A. 0% B.10% C.15% D.20%
Jennifer and Lisa have lived together for the past two years as a legally married couple in a downtown condo. Jennifer supports her son who is currently in 6th grade and lives with the couple . What standard dedication amount can Jennifer for 2018?
A.$9,550 B.$13,000 C.$18,000 D.$24,000
What is the first year in which alimony payments are includible in gross income to the recipient?
A.2030 B.2026 C.2025 D.2017
Which of the following was added to the list of items that are specifically excluded as a capital asset because of TC&JA?
A.patent B.automobile C.jewelry D.inventory
A.$4,000 B.$3,500 C.$3,250 D.$3,000
What capital gain tax rates would apply on capital gains of $100,00 for a single parent with a qualifying child if their taxable income without the capital gains for 2018 is $310,000
A. 0% B.10% C.15% D.20%
Jennifer and Lisa have lived together for the past two years as a legally married couple in a downtown condo. Jennifer supports her son who is currently in 6th grade and lives with the couple . What standard dedication amount can Jennifer for 2018?
A.$9,550 B.$13,000 C.$18,000 D.$24,000
What is the first year in which alimony payments are includible in gross income to the recipient?
A.2030 B.2026 C.2025 D.2017
Which of the following was added to the list of items that are specifically excluded as a capital asset because of TC&JA?
A.patent B.automobile C.jewelry D.inventory
Explanation / Answer
1. Option D is correct. The child tax credit for 2018 is $2000 per qualifying child. However the maximum AGI for full tax credit for a single payer is $200000. In this case each child tax credit will be reduced by $50 for every $1000 the Modified AGI exceeds the threshold.
In this case $10000 has 10 1000's , for each 1000, reduces $50 = 10*50 = $500, since 2 children are there, $1000 will be reduced.
So the tax credit that single tax payer can claim = $4000-$1000 = $3000
2)The capital gains tax for married filing separately with a taxable income of over $239500 is 20%. Option D is correct.
3)Option D is correct, Standard deduction for married and filing jointly is $24000
4)2017 is the year. As after December 2018, Alimony recepients will no longer include the payments in taxable income.
5) Patent, option A is correct.The TC& JA provides that Patent, invention,design or model,a secret formula process are self created and are not of capital nature.
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