List the 4 of the 9 personal tax credits a tax payer can claim on their...
List the 4 of the 9 personal tax credits a tax payer
can claim on their income taxes to reduce their tax liability and
also include the tax form the credit would be reported
on.
Homework Answers
List of four out of 9 persona; tax credits that a taxpayer can claim are :
1) Adoption Credit
2) Child Tax Credit & Credit for other dependents
3) Earned Income Credit
4) Elderly & Disabled credit
All these credits are reported in form 1040.
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List the 4 of the 9 personal tax credits a tax payer
can claim on their...
The TD1 form is used by employees to claim federal personal tax credits impacting their tax...
The TD1 form is used by employees to claim federal personal tax credits impacting their tax deductions. Choose three of the tax credit amounts available on the TD1 (except the basic personal amount) and explain who might claim these tax credits and how this will impact the employee's tax situation.
The CanadaTD1 form is used by employees to claim federal personal tax credits impacting their tax...
The CanadaTD1 form is used by employees to claim federal personal tax credits impacting their tax deductions. Choose three of the tax credit amounts available on the TD1 (except the basic personal amount) and explain who might claim these tax credits and how this will impact the employee's tax situation.
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on...
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable and nonrefundable tax credits. A tax credit that can reduce your tax liability to zero,...
Taxpayers eligible to claim the earned income credit can use it to reduce their tax liability...
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
6. When a tax payer can be eligible to receive standard deduction or itemized deductions? Is...
6. When a tax payer can be eligible to receive standard deduction or itemized deductions? Is there any certain income level where a taxpayer would not be eligible for either? How about personal exemption can a taxpayer lose/[not eligible] it as well?
VANIER COLLEGE- BUSINESS ADMINISTRATION PERSONAL FINANCIAL PLANNING-FALL 2020 TEACHER: R. BLOOM SECTION 0001 Chapter 4 Assignment...
VANIER COLLEGE- BUSINESS ADMINISTRATION PERSONAL FINANCIAL PLANNING-FALL 2020 TEACHER: R. BLOOM SECTION 0001 Chapter 4 Assignment on Personal Taxes Using general information you know and referring to your book as necessary, please answer the following questions with full/complete responses. Please use proper APA font and font size. 1- Explain the difference between personal taxes, sales and service taxes and municipal taxes. 2- Under what circumstances would you report a Capital gain? a. If you report a capital gain, how much...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
4. Corporate taxes = (revenue – expenses) x corporate tax rate – tax credits. A firm’s...
4. Corporate taxes = (revenue – expenses) x corporate tax rate – tax credits. A firm’s tax rate is 20% and it can deduct any new investment from its expenses immediately. Its new investment is worth $100,000, which saves the company $X in taxes owed. What is X? Would the firm rather have a tax credit worth $30,000?
Question 1 Which of the following tax credits cannot be transferred to a spouse? The disability...
Question 1 Which of the following tax credits cannot be transferred to a spouse? The disability tax credit The pension income tax credit The age credit The CPP and EI tax credit Question 2 Which of the following relatives would not qualify to be claimed with the eligible dependent tax credit? Healthy grandfather age 65. Healthy mother age 56. Healthy brother age 25. Healthy daughter age 9. Question 3 A qualifying expenditure for the home accessibility tax credit would include:...
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable and nonrefundable tax credits. A tax credit that can reduce your tax liability to zero,...
VANIER COLLEGE- BUSINESS ADMINISTRATION PERSONAL FINANCIAL PLANNING-FALL 2020 TEACHER: R. BLOOM SECTION 0001 Chapter 4 Assignment on Personal Taxes Using general information you know and referring to your book as necessary, please answer the following questions with full/complete responses. Please use proper APA font and font size. 1- Explain the difference between personal taxes, sales and service taxes and municipal taxes. 2- Under what circumstances would you report a Capital gain? a. If you report a capital gain, how much...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
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