The tax cuts and jobs act (TVJA) added which of the following requirements to the child...
Homework Answers
The TCJA added some new points under new child tax credit rules in 2018. These are as below:
a) The Child Tax Credit under 2018 tax reform is worth up to $2,000 per qualifying child
b) he refundable portion of the credit is limited to $1,400 which is adjusted for inflation.
c) The earned income threshold for the refund credit is lowered to 2500
d) The beginning credit phaseout for the child tax credit increases in 2018 to $200,000
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The
tax cuts and jobs act (TVJA) added which of the following
requirements to the child...
According to the new Tax Cuts and Jobs Act (TCJA) of 2017, which of the following...
According to the new Tax Cuts and Jobs Act (TCJA) of 2017, which of the following statements are true? Multiple Choice Changes in tax law can lead to making different financial decisions The new law reduces the amount of debt interest that can be deducted Companies may wish to use more equity financing and less debt financing All of the above
Prior to the Tax Cuts and Jobs Act, corporations faced a progressive tax rate schedule with...
Prior to the Tax Cuts and Jobs Act, corporations faced a progressive tax rate schedule with rates ranging from 15% to 39%. Under that old tax law, a firm with taxable income of $100 million would have owed taxes of $35 million. Under the Tax Cuts and Jobs Act, the corporate tax rate is a flat 21%. For a firm that makes $100 million in taxable income, the size of the tax reduction that the firm enjoys because of the...
The Tax Cuts and Jobs Act of 2017 ("the Act") made substantial changes to both the...
The Tax Cuts and Jobs Act of 2017 ("the Act") made substantial changes to both the standard deduction and many itemized deductions. Use internet tax resources to address the following questions. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think tanks, and/or political outlets. Explain how the Act changed the standard deduction. Choose five categories of itemized deductions and describe in detail how the Act changed each deduction. In...
Under the 2017 Tax Cuts and Jobs Act, the most significant change is that the corporate...
Under the 2017 Tax Cuts and Jobs Act, the most significant change is that the corporate tax rate goes from 35 percent to 21 percent, which puts U.S. Companies on competitive footing with many other countries. True or False
There has been discussion about whether the Tax Cuts and Jobs Act that took effect in...
There has been discussion about whether the Tax Cuts and Jobs Act that took effect in 2018 will increase tax revenue. Tax revenue can be thought of an as average tax rate multiplied by taxable income. If the average tax rate falls while taxable income stays the same, tax revenue will fall. But what if the tax cuts increase taxable income? Both of the major schools of thought in macroeconomics (Keynesians and Neoclassicals) believe that tax cuts increase economic growth....
What changes of the Tax Cuts and Jobs Act ("TCJA") do you NOT agree with and...
What changes of the Tax Cuts and Jobs Act ("TCJA") do you NOT agree with and what would you suggest Congress do to fix it ?
10. The Tax Cuts and Jobs Act repeals the overall limitation on itemized deductions including investment...
10. The Tax Cuts and Jobs Act repeals the overall limitation on itemized deductions including investment expenses. Therefore, for tax year 2018, California S Corporation shareholders include investment expenses reported to him or her on which of the following Californian income tax schedules? A. Schedule CA B. Schedule K-1 C. Schedule S D. None of the above
Select the best answer. Due to a change in the Tax Cuts and Jobs Act (TCJA),...
Select the best answer. Due to a change in the Tax Cuts and Jobs Act (TCJA), which of the following is true? A. Section 1031 exchanges are eliminated for 2018 and beyond. O B . Section 1031 exchanges of personal property are eliminated for 2018 and beyond. Section 1031 exchanges are now allowed for both real and personal property, regardless of whether the property is like-kind. For 2018 and beyond, 50% of the realized gain from a Section 1031 exchange...
What is the maximum tax rate for estate and trust under the tax cuts and jobs...
What is the maximum tax rate for estate and trust under the tax cuts and jobs act
The Tax Cuts and Jobs Act passed in December, 2017, eliminated any personal exemptions ($4,050 per...
The Tax Cuts and Jobs Act passed in December, 2017, eliminated any personal exemptions ($4,050 per preson) but increased the standard deduction to $12,000 for single filers and $24,000 for joint filers beginning in 2018 compared to $6,350 and $12,700 respectively in 2017. Ignoring any other changes made by the new tax law (and there are other important changes such as expansion of a child tax credit), what would the threshold for having any taxable income for a family of...
According to the new Tax Cuts and Jobs Act (TCJA) of 2017, which of the following statements are true? Multiple Choice Changes in tax law can lead to making different financial decisions The new law reduces the amount of debt interest that can be deducted Companies may wish to use more equity financing and less debt financing All of the above
Select the best answer. Due to a change in the Tax Cuts and Jobs Act (TCJA), which of the following is true? A. Section 1031 exchanges are eliminated for 2018 and beyond. O B . Section 1031 exchanges of personal property are eliminated for 2018 and beyond. Section 1031 exchanges are now allowed for both real and personal property, regardless of whether the property is like-kind. For 2018 and beyond, 50% of the realized gain from a Section 1031 exchange...
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