Hal_Al
Level 15

Deductions & credits

The "Additional Child tax credit" (ACTC) is basically 15% of your earned income over $2500. 

 

You say your income is $7000.  That sounds like a rounded number.  Based on the $723 ACTC, it sounds like you actual income is $7320. 

7320 - 2500 = 4820.  4820 x 15% = $723. 

 

 

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