Taxpayers eligible to claim the earned income credit can use it to reduce their tax liability and, in some cases, to create a tax refund, True or False
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Taxpayers eligible to claim the earned income credit can use it to reduce their tax liability...
A taxpayer with earned income of $50000 is not eligible to claim the credit for child and dependent care expenses. True False
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...
The earned-income tax credit ______________ the marginal wage for eligible workers that are entering the labor force. A. sometimes raises and sometimes lowers B. lowers C. has no effect on D. raises
EXHIBIT 8-10 2019 Earned Income Credit Table Qualifying Children (1) Maximum Earned Income Eligible for Credit (2) Credit % (3) Maximum Credit (1) × (2) (4) Credit Phase- Out for AGI (or earned income if greater) Over This Amount (5) Phase-Out Percentage No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Married taxpayers filing joint returns 0 $ 6,920 7.65% $ 529 $14,450 7.65% $21,370 1 10,370 34 3,526 24,820 15.98...
Question 2 (1 point) Taxpayers with taxable income of less than $100,000 must use the Tax Table to determine their tax liability. 1) True 2) False
Taxation Question 43) Which of the following statements is correct? A) Taxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit. B) The premium tax credit is only available when the taxpayer files his or her tax return. C) The premium tax credit is designed to help eligible taxpayers pay some of their health insurance premium. D) Taxpayers who receive a credit are not required to file a...
which credits are charlie and samantha eligible to claim? a. credit for other dependents and earned income credit b. child tax credit and earned income credit c. chikd tax credit, child and dependent care credit, and credit for other dependents d. they dont qualify for any credits Interview Notes e and samantha are resident aliens, married, and want to file a joint return. They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years...
Suppose that the Earned Income Tax Credit is set up so that a maximum payment of $3,000 can be earned when a qualified worker earns $10,000. This payment represents a subsidy of 30 cents for each additional dollar earned up to $10,000. Workers earning between $10,000 and $14,000 are eligible for the maximum payment. Once labor market earnings exceed $14,000, additional earnings reduce the subsidy by 45 cents for each dollar earned. The going wage rate is $10 per hour....
QUESTION 16 All taxpayers may use the tax rate schedule to determine their tax liability. True False 1 points QUESTION 17 Brian is 60 years old, single, and legally blind. Brian supports his father, who is 88 years old and blind, by paying the rent and other costs of his father’s residence. What is the total standard deduction amount that Brian should claim on his 2018 tax return? a. $24,000 b. $19,600 c. $18,000 d. $13,600 e. None of the...