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if your total income will be 200,000 or less ( 400,000 or less if married filing jointly): multiply the number of qualifying children

Question

If your total income will be 200,000 or less ( 400,000 or less if married filing jointly): Multiply the number of qualifying children under age 17 by 2,000 square Multiply the number of other dependents by 500

Answer

4.1 (136 Votes)
Verificación de expertos
Vesper Master · Tutor for 5 years

Answer

Here, the question is instructing that if you have a total income of 400,000 or less, the calculation concerning the benefit due to dependents should go as follow :- You have to multiply the number of qualifying children under the age of 17 with 500.The task implies usage of this info to probably calculate tax liability or potential tax credit.Answer:Explanation: Given that income is 400,000 or less if married filing jointly), persons with dependents need to consider two agreements:- For every qualifying kid that is under seventeen, you obtain a set profit of 500 gain per dependent. So apply the data provided to your scenario: multiply the number of qualifying children under seventeen by 500 for their respective benefit.

Explanation

Given that income is 400,000 or less if married filing jointly), persons with dependents need to consider two agreements:- For every qualifying kid that is under seventeen, you obtain a set profit of 500 gain per dependent. So apply the data provided to your scenario: multiply the number of qualifying children under seventeen by 500 for their respective benefit.