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- 24. Which of the following, if any, correctly describes the earned income credit? a. Would be available regardless of the amount of the taxpayer's adjusted gross income. b. Is not available to a surviving spouse. c. Requires a taxpayer to have a qualifying child to take advantage of the credit. d. Is a refundable credit.When determining earnings subject to SE tax, the taxpayer may want to use one of the optional methods whether if they have a small net profit or loss and which of the following conditions applies A. They are eligible to receive the Additional Child Tax Credit B. They can claim a Credit for Dependent or Child Care Expenses C. Taxpayer wants to receive a Credit for Social Security Benefit Coverage D. All of the aboveWhat are allowable deductions against gross income for purposes of computing regular income tax? Business expenses Family support Personal expenses by the taxpayer Expenses of employment
- 1.What factors would you use to determine whether an individual should contribute to a Roth IRA or Traditional IRA? A. Income and participation status B. Current vs. Assumed future tax bracket C. Ability to offset Roth contribution as income with other losses, deductions, and/or credits D. Age of individual E. All the above are correctWhich Schedule must the taxpayer use to claim a payment made for alimony? Multiple Choice Schedule 1. Schedule 2. Schedule 3. The taxpayer does not need to use a Schedule.explain in detail regarding the following topics 1. Define the tax Filing Statuses 2. Innocent Spouse VS. Injured Spouse 3. Medical and Dental Expenses (Include Limitations)
