What is the child tax credit
Marguerite and Josephus have two children, ages 13 and 10. Their modified AGI is $120,500. What is their child tax credit?
A) $900
B) $1,000
C) $2,000
D) None of the above.
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Kerry is single and has AGI of $19,000 in 2012. During the year he contributes $5,000 to his Roth IRA. What is the amount of qualified retirement savings contributions credit to which he is entitled?
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Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000. No hardware was acquired. How much of the cost can Galaxy deduct this year?
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