Homework Answers
Q 21: If refundable Tax credits are more than your tax liability then negative tax rate occurs as government shall pay the refund to Individual tax payer.
Therefore, Statement that a positive effective tax rate occurs when refundable tax credit exceeds individual tax liability is FALSE.
Q 22: The Lifetime Learning Credit is the one which is non refundable tax credit that college graduates can use to help offset the cost of taking classes at an accredited institution to further their careers.
Therefore, the answer is LIFETIME LEARNING CREDIT.
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Question 21 (1 point) True or false: A positive effective tax rate occurs when when refundable...
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning...
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning education credit 2) The retirement savings contributions credit 3) The premium tax credit 4) The child and dependent care credit 5) None of the above is refundable credits Question 39 (1 point) Which of the following credits may be partially refundable and partially nonrefundable? 1) The child tax credit 2) The retirement savings contributions credit 3) The child and dependent care credit 4) The...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
Question 27 of 75. A refundable credit reduces the taxpayer's Income before determining tax liability. O...
Question 27 of 75. A refundable credit reduces the taxpayer's Income before determining tax liability. O Tax liability, and may even exceed the tax liability. Income before determining tax liability, and may even increase the refund. Tax liability, but may not exceed the tax liability. Mark for follow up Question 28 of 75. How much of the American Opportunity Credit (AOC) may be refundable? 10% 25% о 40% 55% Mark for follow up
Question 40 (1 point) Which of the following statements is not correct regarding the education credit?...
Question 40 (1 point) Which of the following statements is not correct regarding the education credit? 1) The lifetime learning credit is 100% nonrefundable. 2 Lower AGI thresholds apply to reduce the American opportunity credit for higher income taxpayers. 3) The lifetime learning credit is available to students who attend graduate school 4 The maximum American opportunity credit is $2,500 for each eligible All of the above statements are connect O bie 0 L * c v BN 142 391
Taxation Question 14) Which of the following statements is not true regarding the education credits? A)...
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $1...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $12,000 for David from January through December and $3,000 for Tommy from January through June. John’s earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit? a) $15,000 b) $ 5,000 c) $ 6,000 d) $ 3,000 B. Amy is single and works part-time...
Question 58 1 pts True or False: Pure economic rent occurs when the opportunity cost of...
Question 58 1 pts True or False: Pure economic rent occurs when the opportunity cost of a resource is zero and there is a positive price for that resource in the market. o True O False Next
Question 19 (1 point) True or false: The social security portion of FICA taxes is applied...
Question 19 (1 point) True or false: The social security portion of FICA taxes is applied to all levels of income. True False Question 20 (1 point) What percentage of federal tax liability do U.S. households in the 5th and highest quintile pay? 69% 80% m 72% 45%
O True Y subtracting tax credits from Gross Income. False J Question 4 (1 point) Selling equipments at below f...
O True Y subtracting tax credits from Gross Income. False J Question 4 (1 point) Selling equipments at below fair value from one company you own to another company that you own more than 50% of voting rights in violates the administrative convenience concept. True O False Question 5 (1 point) When tax payments are paid and recorded in advance, they are called estimated expenses. True False Question 6 (1 point) Amanda purchased an annuity contract for $15,000. When she...
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,...
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning education credit 2) The retirement savings contributions credit 3) The premium tax credit 4) The child and dependent care credit 5) None of the above is refundable credits Question 39 (1 point) Which of the following credits may be partially refundable and partially nonrefundable? 1) The child tax credit 2) The retirement savings contributions credit 3) The child and dependent care credit 4) The...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
Question 27 of 75. A refundable credit reduces the taxpayer's Income before determining tax liability. O Tax liability, and may even exceed the tax liability. Income before determining tax liability, and may even increase the refund. Tax liability, but may not exceed the tax liability. Mark for follow up Question 28 of 75. How much of the American Opportunity Credit (AOC) may be refundable? 10% 25% о 40% 55% Mark for follow up
Question 40 (1 point) Which of the following statements is not correct regarding the education credit? 1) The lifetime learning credit is 100% nonrefundable. 2 Lower AGI thresholds apply to reduce the American opportunity credit for higher income taxpayers. 3) The lifetime learning credit is available to students who attend graduate school 4 The maximum American opportunity credit is $2,500 for each eligible All of the above statements are connect O bie 0 L * c v BN 142 391
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
Question 58 1 pts True or False: Pure economic rent occurs when the opportunity cost of a resource is zero and there is a positive price for that resource in the market. o True O False Next
Question 19 (1 point) True or false: The social security portion of FICA taxes is applied to all levels of income. True False Question 20 (1 point) What percentage of federal tax liability do U.S. households in the 5th and highest quintile pay? 69% 80% m 72% 45%
O True Y subtracting tax credits from Gross Income. False J Question 4 (1 point) Selling equipments at below fair value from one company you own to another company that you own more than 50% of voting rights in violates the administrative convenience concept. True O False Question 5 (1 point) When tax payments are paid and recorded in advance, they are called estimated expenses. True False Question 6 (1 point) Amanda purchased an annuity contract for $15,000. When she...
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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