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Problem 7-1 Child Tax Credit (LO 7.1) Calculate the total 2022...

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Accounting

Problem 7-1
Child Tax Credit (LO 7.1)
Calculate the total 2022 child and other dependent credit for the following taxpayers.
Round any division "up" to the nearest whole number.
a. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son:
$
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The child tax credit permits individual taxpayers to take a tax credit based on the number of their qualifying dependent children. The child tax credit is
amidst a temporary expansion. The TCJA made three significant, but temporary, changes to the child tax credit that apply in 2022:
(1) increased the credit per child to $2,000,
(2) increased the threshold for which the phase-out starts, and
(3) increased the refundable amount of the credit for taxpayers whose credit is limited by their pre-credit tax liability.
In addition, the TCJA added a new qualifying dependent credit of $500 for certain dependents. All of these provisions are scheduled to expire after 2025.
b. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool (under the age of 6) children:
$
c. James and Apple have AGI of $430,300, file jointly, and claim three dependent children (ages 7,10, and 19):
$
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