Julia and Omar Are Married and File a Joint Tax

question 123

Multiple Choice

Julia and Omar are married and file a joint tax return.They have two dependent daughters,ages 14 and 18.If their AGI is $98,000,what amount of child tax credit can they claim?

• A)$0.
• B)$1,000.
• C)$1,650.
• D)$2,000.

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Definitions:

Stockholder

An individual or entity that owns shares in a corporation, giving them ownership interest.

Dividends Account

An account used in bookkeeping that records the dividends paid out to shareholders from a corporation's earnings.

Common Stock

A type of equity security that represents ownership in a corporation, giving holders voting rights and a share in the company's profits via dividends.

Transfer of Assets

The act of moving ownership of assets from one party to another, which could involve selling, gifting, or exchanging.