Tim Thompson is a single taxpayer and he qualifies for the entire Child Tax Credit. In 2019, Tim has a modified adjusted gross income (MAGI) of $203,000. When Tim prepares his income tax return his Child Tax Credit will be reduced by what amount

$1,850

Explanation:

The maximum child tax credit per qualifying child was 2,000 during 2019. But this amount starts to phase out if the single person's MAGI is higher than $200,000 per year.

It phases out by $50 for every $1,000 that your MAGI exceeds the threshold, in this case = 3 x $50 = $150 phase out.

Total deduction = $2,000 - $150 = $1,850

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o

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