What is the amount of excess payroll tax credit

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Question: 1. Nancy, 45 year old and single, has two jobs. Her gross income was $100, 000 from the full-time job and $50,000 from her pat time job. Both employers deducted the appropriate amount for Social Security and Medicare during 2019. What is the amount (if any) of excess payroll tax credit that Nancy can claim in her tax return for 2019? Round your answers to the nearest dollar.

2. Ted and Nancy have three children: Amal (age 14), Arwa (age 19), and Tom (age 21). Arwa works after school and earned $4,000 in 2019. Tom works 30 hours per week and is a part-time student at the local community college earning $8,400 in 2019. If Ted and Nancyâ s AGI in 2019 is $150,000, how much can they claim on their joint tax return for the child tax credit (not the refundable amount)?

Reference no: EM132762867

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