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Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning...
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
Detail each of the following tax credits including its purpose, eligibility requirements, limitations, phase-outs, etc. Child...
Detail each of the following tax credits including its purpose, eligibility requirements, limitations, phase-outs, etc. Child and dependent care expenses Education tax credits American opportunity credit Lifetime learning credit Energy credits Retirement plan contributions
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|
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on...
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on Form 1040, Line 17: Choose one answer. a. Earned Income Credit, Child Tax Credit, Additional Child Tax Credit b. Child Tax Credit, Credit for Other Dependents, Energy Credit c. Child and Dependent Care Credit, Adoption Credit, Earned Income Credit d. Earned Income Credit, Additional Child Tax Credit, Refundable portion of American Opportunity Credit
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 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
After taking into consideration a couple's AGI in 2019, the couple's American opportunity credit and lifetime...
After taking into consideration a couple's AGI in 2019, the couple's American opportunity credit and lifetime learning credit are $5,000 and $1,800, respectively. The couple's refundable and nonrefundable education credit is: 1. $5,000 and $1,800 2. $0 and $6,800 3. $3,000 and $3,800 4. $6,800 and $0 5. $2,000 and $4,800
What tax strategies will utilize to pay every penny owe to the government, and not a...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
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,...
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...
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
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|
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 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
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
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,...
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...
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