Rhianna and Jay Are Married Filing Jointly in 2018

question 94

Multiple Choice

Rhianna and Jay are married filing jointly in 2018.They have six children under age 17 for whom they may claim the child tax credit.Their AGI was $419,400.What amount of child tax credit may they claim on their 2018 tax return?

• A)$12,000
• B)$11,050
• C)$11,000
• D)$6,000

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Definitions:

Effective Rate

The interest rate on a loan or financial product, re-calculated annually, which takes into account the effect of compounding.

Compounding Interval

The frequency at which the earned interest is added to the principal balance of an investment, affecting the total compound interest over time.

Monthly Payment

A specified amount of money that a borrower agrees to pay to a lender at regular monthly intervals, often associated with loans or mortgages.

Loan

A sum of money given to a person or entity with the expectation of repayment of the original sum along with agreed interest over a specified period.