ID: Art and Karen are married and file a joint tax return claiming their two chi
ID: 2756066 • Letter: I
Question
ID: Art and Karen are married and file a joint tax return claiming their two children, Heather (age 10) and Amy (age 8) as dependents. Assuming their AGI is $118,200, Art and Karen's child tax credit is: a. $O b. $1,550 c. $1,600 d. $2,000. Mr, and Mrs. Sass are married and have one 3 year-old child. During the year, Mrs. Sassis employed and earns $24,000 while Mr. Sass is a full-time student for the entire year (12 months) before considering any credits, which exceeds $4,000. The amount paid for child care is $3,200 Assuming the couple's AGI is $24,000, on a joint income tax return their credit for child and will be: a. $o. b. $900. c. $960. d. $1,050. e Mr. Sass is a full-time student for the entire year 12 months). They have a tax fiability nt paid for child care is $3,200. Assuming and Tricia commit to making regular contributions to their IRAs. C they Married couple Barry each make a $3,000 contribution to their traditional IRAs in 2015. If their 2015 joint return, what is the amount of their total tax credit (saver's credit") for certain retiemen s $35,000 on th contributions? $6 000Explanation / Answer
As per current law the credit is worth up to $1000 per child under age 17. Thus tax credt will be $1000x2 = $2000
Thus answer is D. $2000
32. Total tax credit in case joint return shall be the aggregate of contributions made, thus tax cedit will be $6000
Thus answer will be A. $6000
33. Alternate minmum Tax = $200000x35%
= $70000
Thus answer is a. $70000