Homework Answers
Answer
The correct option is D
The credit is not allowed if the taxpayer has no qualifying children.
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4. Which of the following is not true of the earned income credit? If the credit...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
The use of the earned income credit could result in a taxpayer receiving a refund even...
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)...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Di...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Earned Income Credit Phase-Out Ranges Other than joint filers Joint filers Number of Qualifying Children Phaseout Phaseout Phaseout Phaseout Begins Ends Begins Ends None $8,490 $15,270 $20,950 $14.170 $46,010 $40,320 $24,350 $18.660 $51,492 $24,350 $18,660 $45.802...
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying...
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying children his wages are $18,900 and receives dividends invome of $900 what is the earned credit income using the EIC table ? 2019
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
Taxation Question 41) Which of the following statements is false regarding the earned income credit (EIC)...
Taxation Question
41) Which of the following statements is false regarding the earned income credit (EIC) A) Maximum amount of the credit depends on the earned income and number of children. B) The credit is refundable. C) If certain requirements are met, a taxpayer may receive advance payments of E D) A taxpayer without children cannot claim the credit. IC.
Determine the amount of the Earned Income Credit in each of the following cases. Assume that...
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Calculate the credit using the formulas. A single person with earned income of $7,554 and no qualifying children. A single person with earned income of $22,500 and two qualifying children. A married couple filing jointly with earned income of $34,190 and one qualifying child.
Which of the following are true about the Qualified Business Income Deduction (QBID)? (Select all that...
Which of the following are true about the Qualified Business Income Deduction (QBID)? (Select all that apply) Choose one answer. a. The deduction is subject to various limitations. b. The deduction is claimed on Schedule A for itemized deductions. c. The business may be conducted in or outside of the US. d. Taxpayers are eligible whether they report a combined business profit or loss. What is the maximum age a taxpayer with no qualifying children may be at the end...
Which of the following is not an eligibility requirement for claiming the earned income credit with...
Which of the following is not an eligibility requirement for claiming the earned income credit with a qualifying child? Choose one answer. a. You must have earned income. b. You must claim your qualifying child as a dependent. c. The child must be related to you in one of the ways described in the instructions. d. The child must have lived in the U.S. for more than half of the year. e. The age of the child
Which of the following is not an eligibility requirement for claiming the earned income credit with...
Which of the following is not an eligibility requirement for claiming the earned income credit with a qualifying child? Choose one answer. a. You must have earned income. b. You must claim your qualifying child as a dependent. c. The child must be related to you in one of the ways described in the instructions. d. The child must have lived in the U.S. for more than half of the year. e. The age of the child
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Earned Income Credit Phase-Out Ranges Other than joint filers Joint filers Number of Qualifying Children Phaseout Phaseout Phaseout Phaseout Begins Ends Begins Ends None $8,490 $15,270 $20,950 $14.170 $46,010 $40,320 $24,350 $18.660 $51,492 $24,350 $18,660 $45.802...
Taxation Question
41) Which of the following statements is false regarding the earned income credit (EIC) A) Maximum amount of the credit depends on the earned income and number of children. B) The credit is refundable. C) If certain requirements are met, a taxpayer may receive advance payments of E D) A taxpayer without children cannot claim the credit. IC.
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