Which of the following is NOT a true statement? a. An increase in AGI always means...
Which of the following is NOT a true statement?
| a. |
An increase in AGI always means you pay more taxes. |
|
| b. |
A decrease in AGI may increase the amount of medical expenses that may be deducted |
|
| c. |
A person’s marital status on December 31 determines her filing status as married or single. |
|
| d. |
Since the TCJA of 2017, the majority of taxpayers choose the standard deduction. |
Homework Answers
A person’s marital status on December 31 determines her filing status as married or single-is the wrong statement
when a person get marry in december 31, then the for the entire year they have been treated as married
An increase in AGI always means you pay more
taxes.
When AGI(adjusted gross income) increases ,then the tax will
increase.AGI is the earnings of individual minus specific
deduction
A decrease in AGI may increase the amount of medical expenses that may be deducted
A decrease in AGI may increase the medical expense deduction due to the 10% (or 7.5%) floor imposed
Since the TCJA of 2017 ,the majority of tax payer choose the standard deduction
increases the amount of standard deduction applicable to all tax payers
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