Homework Answers
Q. 27
Option B. A refundable credit reduces taxpayer's tax liability, and may even exceed the tax liability.
Explanation: Refundable tax credits are called “refundable” because they can reduce your tax liability below zero and allow you to receive a tax refund. If you qualify for a refundable credit and the amount of the credit is larger than the tax you owe, you will receive a refund for the difference.
Q.28
Option C. 40%
Explanation : Up to 40 percent of the American Opportunity Credit, an educational credit for college expenses, is refundable in the 2018 tax year. The remaining 60 percent is nonrefundable. The refundable portion is capped at $1,000.
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Question 27 of 75. A refundable credit reduces the taxpayer's Income before determining tax liability. O...
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 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may...
Question 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
ye. Question 301 point A taxpayer's earned income and AGI are both $34,500. The taxpayer's total...
ye. Question 301 point A taxpayer's earned income and AGI are both $34,500. The taxpayer's total tax liability (before any tax credits) is $1,300. The taxpayer's only tax credits are an $840 child and dependent care credit and the child tax credit for two qualifying children. The taxpayer's refundable child tax credit is: 1) $2,800 2) $460 3) $0. 4 $1,540. 5) 5700 Question 39 (1 point) Type here to search AGO 4 2/1/2020 PM + C v Ba|
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Question 21 (1 point) True or false: A positive effective tax rate occurs when when refundable...
Question 21 (1 point) True or false: A positive effective tax rate occurs when when refundable tax credits exceed an individual's tax liability. True False Question 22 (1 point) ---- is a nonrefundable tax credit that college graduates can use to help offset the cost of taking classes at an accredited institution to further their careers. The Secure Credit American Opportunity Tax Credit Earners Credit Lifetime Learning Credit
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,...
Justin case Mark for follow up Question 30 of 75, Which of these is NOT a...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
federal income tax question Question 4 of 12. filed line 4c. Jane is a full-time student...
federal income tax question
Question 4 of 12. filed line 4c. Jane is a full-time student who anticipates receiving a $2,500 American Opportunity Tax Credit in 2019. Not looking for a huge tax refund, how should Jane treat the credit when completing her 2020 Form W-4? Jane should add an estimate of the expected annual credit amount in Step 3 of her 2020 Form W.-4. This will decrease the amount of her withholding per pay period and reduce the amount...
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner ...
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner whose work is controlled by an agency and who provides cleaning services in the taxpayer's home. A landscaper who works, as directed, around a taxpayer's primary residence. 0 A house cleaner who receives a Form 1099-MISC reporting compensation in box 7. O A taxpayer who provides child care services in their home. Mark for follow up Question 66 of 75 All the following...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local artist's painting for S2 100 Several years later the picture will be taxed at en sold it for S2.700. The year Ben sold the painting. he o 15% 25% 28% 33% Mark for follow up expense must be for the employee's
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 23 of 75. Realize our potential: H&R Block Which of the following tax benefits may reduce a taxpayer's tax liability below zero? Adjustment Deduction. Nonrefundable credit. Refundable credit. Time remaining 77:17 Mark for follow up Question 24 of 75. Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of...
ye. Question 301 point A taxpayer's earned income and AGI are both $34,500. The taxpayer's total tax liability (before any tax credits) is $1,300. The taxpayer's only tax credits are an $840 child and dependent care credit and the child tax credit for two qualifying children. The taxpayer's refundable child tax credit is: 1) $2,800 2) $460 3) $0. 4 $1,540. 5) 5700 Question 39 (1 point) Type here to search AGO 4 2/1/2020 PM + C v Ba|
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Question 21 (1 point) True or false: A positive effective tax rate occurs when when refundable tax credits exceed an individual's tax liability. True False Question 22 (1 point) ---- is a nonrefundable tax credit that college graduates can use to help offset the cost of taking classes at an accredited institution to further their careers. The Secure Credit American Opportunity Tax Credit Earners Credit Lifetime Learning Credit
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
federal income tax question
Question 4 of 12. filed line 4c. Jane is a full-time student who anticipates receiving a $2,500 American Opportunity Tax Credit in 2019. Not looking for a huge tax refund, how should Jane treat the credit when completing her 2020 Form W-4? Jane should add an estimate of the expected annual credit amount in Step 3 of her 2020 Form W.-4. This will decrease the amount of her withholding per pay period and reduce the amount...
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner whose work is controlled by an agency and who provides cleaning services in the taxpayer's home. A landscaper who works, as directed, around a taxpayer's primary residence. 0 A house cleaner who receives a Form 1099-MISC reporting compensation in box 7. O A taxpayer who provides child care services in their home. Mark for follow up Question 66 of 75 All the following...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local artist's painting for S2 100 Several years later the picture will be taxed at en sold it for S2.700. The year Ben sold the painting. he o 15% 25% 28% 33% Mark for follow up expense must be for the employee's
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