Homework Answers
Answer
- The correct statement is Option ‘B’ The premium tax credit is only available when the tax payer files his or her return.
- All the options are incorrect statements.
--For Option ‘A’ its wrong because the income should be 100% to 400% not over 400%
--Option C, because it’s a credit, and is to be claimed.
--Option D because federal tax returns are to be filed.
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Taxation Question
43) Which of the following statements is correct? A) Taxpayers with household income which...
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...
45 Which of the following taxpayers is eligible to claim the head of household filing status?...
45 Which of the following taxpayers is eligible to claim the head of household filing status? Marks: 1 Choose one answer a. The taxpayer's boyfriend lived in the taxpayer's home all of 2018. The boyfriend qualifies as the taxpayer's dependent b. The unmanied taxpayer pays more than half the cost of keeping his father in an assisted living facility. The father qualifes as the taxpayer's dependent c. The taxpayers married child lived in the taxpayer's home for the entire year....
Taxation Question 41) Which of the following statements is false regarding the earned income credit (EIC)...
Taxation Question
41) Which of the following statements is false regarding the earned income credit (EIC) A) Maximum amount of the credit depends on the earned income and number of children. B) The credit is refundable. C) If certain requirements are met, a taxpayer may receive advance payments of E D) A taxpayer without children cannot claim the credit. IC.
What is the AGI limit above which each of the following taxpayers would not be eligible to receive a credit for the elderly or the disabled?
What is the AGI limit above which each of the following taxpayers would not be eligible to receive a credit for the elderly or the disabled? AGI Upper Limita. A single taxpayer eligible for the credit who receives $1,400 of nontaxable social security benefits. b. Taxpayers filing a joint return for which one taxpayer is eligible for the credit and the taxpayers have received no social security benefits. c. Taxpayers filing a joint return, and both are eligible for the credit and received $3,400...
which of the following statements about the nonbusiness energy property credit is false Question 28 of...
which of the following statements about the nonbusiness energy
property credit is false
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Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some...
Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some as "Obamacare")? Please read each statement carefully. Treat each response below as its own Trua/False question. This is based off Box 13.3 in your textbook. Select one or more: a. If you do not get health insurance from your employer, and you are not eligible for Medicare or Medicald, you are required to purchase health insurance from a private company. If you do not,...
with respect to the income tax formula which of the following statements is correct QUESTION 2...
with respect to the income tax formula which of the following
statements is correct
QUESTION 2 To qualify for head of household status, a taxpayer must maintain a household that is the princ True False QUESTION 3 A qualifying relative must be related to the taxpayer (as listed by the IRS), or be a member of the taxpa True False QUESTION 4 Even though the taxpayer is claimed as a dependent on another tax return he or she can stil...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some as "Obamaca...
Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some as "Obamacare")? Please read each statement carefully. Treat each response below as its own Trua/False question. This is based off Box 13.3 in your textbook. Select one or more: a. If you do not get health insurance from your employer, and you are not eligible for Medicare or Medicald, you are required to purchase health insurance from a private company. If you do not,...
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...
45 Which of the following taxpayers is eligible to claim the head of household filing status? Marks: 1 Choose one answer a. The taxpayer's boyfriend lived in the taxpayer's home all of 2018. The boyfriend qualifies as the taxpayer's dependent b. The unmanied taxpayer pays more than half the cost of keeping his father in an assisted living facility. The father qualifes as the taxpayer's dependent c. The taxpayers married child lived in the taxpayer's home for the entire year....
Taxation Question
41) Which of the following statements is false regarding the earned income credit (EIC) A) Maximum amount of the credit depends on the earned income and number of children. B) The credit is refundable. C) If certain requirements are met, a taxpayer may receive advance payments of E D) A taxpayer without children cannot claim the credit. IC.
which of the following statements about the nonbusiness energy
property credit is false
Question 28 of 65. Which of the following statements about the Nonbusiness Energy Property Credit is FALSE? Taxpayers who claim this credit must file Form 5695 with their tax return O Taxpayers may claim the credit for qualifying improvements made to a rented property as long as it is a primary residence. O Taxpayers may only claim the credit for improvements made to their primary residence: Improvements...
Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some as "Obamacare")? Please read each statement carefully. Treat each response below as its own Trua/False question. This is based off Box 13.3 in your textbook. Select one or more: a. If you do not get health insurance from your employer, and you are not eligible for Medicare or Medicald, you are required to purchase health insurance from a private company. If you do not,...
with respect to the income tax formula which of the following
statements is correct
QUESTION 2 To qualify for head of household status, a taxpayer must maintain a household that is the princ True False QUESTION 3 A qualifying relative must be related to the taxpayer (as listed by the IRS), or be a member of the taxpa True False QUESTION 4 Even though the taxpayer is claimed as a dependent on another tax return he or she can stil...
Which of the following statements is TRUE regarding the Affordable Care Act (commonly known by some as "Obamacare")? Please read each statement carefully. Treat each response below as its own Trua/False question. This is based off Box 13.3 in your textbook. Select one or more: a. If you do not get health insurance from your employer, and you are not eligible for Medicare or Medicald, you are required to purchase health insurance from a private company. If you do not,...
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