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5- Briefly explain when and how each of the two education credits is phased out....

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Accounting

5- Briefly explain when and how each of the two education credits is phased out.

8- What is a qualifying child's definition for the Earned Income Credit?

7- Paul and Olivia filed a joint tax return and reported a modified AGI of $142,000. They have two qualifying children, ages 7 and 9, for the child tax credit. What is the amount of their child tax credit? What is the amount of their credit if their modified AGI is $167,000? What is the amount of their credit if their modified AGI is $432,000?

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