10-In Year 1, Sandy and Chris have adjusted gross income of $200,000. During the year,...
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Accounting
10-In Year 1, Sandy and Chris have adjusted gross income of $200,000. During the year, they provided more than half of the support for both of their unmarried adult children, Megna and Britt. Both children live near the colleges they are attending. Megna is a 25-year-old full-time graduate student with no earned income. Britt is a 22-year-old part-time student with $15,000 earned income from a part-time job. What is the total amount of family tax credit, if any, that Sandy and Chris can claim on their Year 1 joint income tax return?
Multiple Choice
$500
$1,000
$2,000
$0
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