Mrs Tan, a Singaporean, is married with two children, aged 11 and 9 as at 31 December 2020. Both her children are Singaporeans. Mrs Tan's earned income for 2020 is $300,000. Calculate the Working Mother Child Relief that Mrs Tan can claim for the Year of Assessment 2021. Assume Mrs Tan's husband will claim the qualifying child relief. Question 1 options: 1) $91,000 2) $105,000 3) $100,000 4) $113,000

Mrs Tan, a Singaporean, is married with two children, aged 11 and 9 as at 31 December 2020. Both her children are Singaporeans. Mrs Tan's earned income for 2020 is $300,000. Calculate the Working Mother Child Relief that Mrs Tan can claim for the Year of Assessment 2021. Assume Mrs Tan's husband will claim the qualifying child relief. Question 1 options: 1) $91,000 2) $105,000 3) $100,000 4) $113,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 21MCQ: Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia...

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Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
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