Reference no: EM132510418
Question 1 - Mia and Noah have four children, ages 1-month-old, 7, 10, and 17. They file a joint tax return for 2017. Their AGI is $70,500, and their tax liability is $3,500. What would be the amount of their child tax credit?
a) $4,000
b) $3,000
c) $2,000
d) $3,500
Question 2 - John has twin sons, age 3. John paid $12,000 to Emma to watch his sons at his home. Emma is considered a self-employed taxpayer. During the year, John received dependent care benefits from his employer of $3,000. Based on this information, which of the following statements is correct?
a) The dependent care benefits can be used to pay for dependent care provided in the home. And John needs to withhold FICA and FUTA taxes for Emma.
b) The dependent care benefits can be used to pay for dependent care provided in the home. John isn't required to withhold FICA and FUTA taxes for Emma since she is self-employed.
c) The dependent care benefits cannot be used to pay for dependent care provided in the home. John must report the dependent care benefits from his employer as income. John must withhold FICA and FUTA taxes for Emma.
d) The dependent care benefits cannot be used to pay for dependent care provided in the home. John isn't required to withhold FICA and FUTA taxes for Emma since she is self employed.
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What is the amount of their child tax credit
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