Jerry and Lana Are Married and Have Two Children Ages

question 160

Multiple Choice

Jerry and Lana are married and have two children ages 12 and 10.Their adjusted gross income for 2013 is $124,000.What amount can they claim for the child tax credit?

• A)$ 200
• B)$ 800
• C)$1,000
• D)$1,300
• E)$2,000

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Definitions:

Temporary Workers

Employees hired for a specific period or to complete a specific task, often without the promise of long-term employment.

Financial Basis

In accounting, the underlying value or cost of an asset or investment used for tax reporting and calculating gains or losses.

IRR

Internal Rate of Return, a financial metric used to estimate the profitability of potential investments by identifying the rate of growth a project is expected to generate.

Profitability Index

A calculation that compares the present value of all future cash flows of an investment to its initial cost, used to assess its profitability.