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Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Compute the effect...

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Finance

Mr. and Mrs. Palio celebrated the birth of their third child onNovember 18.

  1. Compute the effect of this event on their tax liability,assuming that their AGI was $99,000, and their taxable incomebefore considering the new dependent was $84,200.
  2. Compute the effect of this event on their tax liability,assuming that their AGI was $412,000, and their taxable incomebefore considering the new dependent was $345,000.
  3. Compute the effect of this event on their tax liability,assuming that their AGI was $830,000, and their taxable incomebefore considering the new dependent was $714,000.

Assume the taxable year is 2019.

Answer & Explanation Solved by verified expert
3.7 Ratings (607 Votes)
The new born baby will help the parents clain Child Tax credit that will directly reduce the tax payable Accordingly the tax liability will go down by the amount of Child Tax Credit To be able to get this tax credit the parents will have to    See Answer
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Transcribed Image Text

Mr. and Mrs. Palio celebrated the birth of their third child onNovember 18.Compute the effect of this event on their tax liability,assuming that their AGI was $99,000, and their taxable incomebefore considering the new dependent was $84,200.Compute the effect of this event on their tax liability,assuming that their AGI was $412,000, and their taxable incomebefore considering the new dependent was $345,000.Compute the effect of this event on their tax liability,assuming that their AGI was $830,000, and their taxable incomebefore considering the new dependent was $714,000.Assume the taxable year is 2019.

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