Which of the following is an adjustment that will generally result in lower tax liability for an eligible taxpayer because it directly reduces the taxpayer's total income?    An education credit.  The health savings account deduction.  Medical and dental expenses deduction.  The retirement savings contributions credit (Saver's Credit)

Q: If a person is claimed as a dependant by another taxpayer, eligible tuition and expenses paid by…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: Among the highlights of train law, which do you think is advantageous for the taxpayer? Explain

A: Tax is the compulsory payment made by one person to its government.

Q: health insurance plan is also available. b.Long-term care premiums may not be deducted within…

A: In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct…

Q: Evaluate the three strategies reducing income, increasing deductions and taking advantage of tax…

A: There are various strategies which the taxpayer can use so that the tax liability can be reduced…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: Explain the differences between a tax credit and a tax deduction. Which is better? List three…

A: Tax credit and tax deductions are often considered same but they are not interchangeable even though…

Q: If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to…

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: Which of the following taxes is paid by the employee only? Choose the best answer. Group of answer…

A: Tax is compulsory payment made by the assessee to the government .

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

Q: Which of the following statements is correct regarding self-employment tax? W-2 income earned…

A: W-2 is a salary and wages form. In addition to that, W-2 also reports federal taxes and other taxes…

Q: An accrual-basis taxpayer is allowed to deduct expenses when they meet either the economic…

A: The correct answer for the above question is given in the following steps for your reference.

Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…

A: An itemised deduction is expense that can be deducted from adjusted gross income to lower  taxable…

Q: Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax…

A: ANSWER   A tax strategy is a plan to reduce tax. It is ethical and moral because, we ensure to pay…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: Choose the response that accurately completes the following sentence. A taxpayer claiming the…

A: Correct option is 3 i.e.  Will receive a refund if the amount of the credit is larger than the tax…

Q: Comment on the following items relative to tax planning strategies of a fiduciary entity. To reduce…

A: The process of examining a financial position or plan to ensure that all components work together to…

Q: she wants to know about some tax-related provisions and practices

A: Income of any kind that is subject to taxation, on condition that you earn over the untaxed…

Q: Which of the following is tax credit or tax deduction or none:   A reduction of the income subject…

A:

Q: Reproduce the tax formula for indivudal taxpayers in good form and briefly describe each of the…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: If you earn enough extra income to be placed in a higher tax bracket and have a higher marginal tax…

A: Marginal tax rate is the tax rate for next dollar of taxable income, which is above a threshold…

Q: What are the taxes and tax rates for individual taxpayers? Hope you can help me, thank you

A: Taxpayers are referred to as those individuals, or organizations who are obliged to pay the taxes to…

Q: Taxable income is  a) gross income less deductions  b) total income excluding exempt less…

A: Taxable income is the income on which tax is computed.

Q: For individual taxpayers, capital losses can be: deducted for AGI to the extent of capital gains…

A: Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Taxpayer received a tax-free benefit, perhaps a gift from a company that wanted to increase its…

A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the…

A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on…

Q: Which of the following statements is correct? O a. A tax offset can result in a refund if it relates…

A: The tax means the amount that a taxpayer provides to the government. The government uses this amount…

Q: What is the tax rate range for Social Security benefits received? How is the deductible amount of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is the purpose of the provision in the tax law that taxes unearned income of certain minor…

A: Kiddie tax is imposed on the children below the age of 17 years. It is the tax imposed on them if…

Q: When a person is claimed as a dependant by another taxpayer, qualified tuition and expenses paid by…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: A tax that requires a higher-income person to pay a higher percentage of his or her income in taxes…

A: Explanation Proportional tax rate is a system in which same tax rate is implied to all the tax…

Q: All are true except:   a. OSD is a substitute for itemized deduction. b. The OSD relieves the…

A: A company's financial statements are a collection of summaries of its monetary performance,…

Q: Withholding is: b. A method by which the government collect taxes at the time of its A method of…

A: Taxes are the dues and liabilities which needs to be paid by the individual to the government on…

Q: If one tax is not eligible for the health insurance premium tax credit because of

A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…

Q: Explain the differences between something being tax-deferred or tax-exempt. Which retirement plan,…

A: Tax deferred savings plan:   A tax deferred savings plan refers to an investment account that allows…

Q: Explain and what is the calculation of the following. Medicare Levy Surcharge Total Tax Liability…

A: Medicare Levy Surcharge (MLS) : The Medicare Levy Surcharge (MLS) is an additional tax on your…

Q: Which of the followings is included in taxpayer’s gross income (i.e., taxable)?

A: 1. a) Compensatory damage payments received from physical injury by accident caused by other party…

Q: which of the following is not a COVID-19 tax relief provision available to a self-employed…

A: Solution- Section 80GG – House Rent Paid   Deduction for House Rent Paid Where HRA is not Received…

Q: A taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following?

A: GIVEN   A taxpayer will need to file Schedule A, Itemized Deductions, to deduct

Q: the government and the IRS

A: The term student loan interest deduction refers to a federal income tax deduction that permits…

Q: Which of the following statement is true? A. Lifetime learning tax credit is available for each…

A: Income Credit: The Earned Income Tax Credit, sometimes known as the EITC, is a kind of tax credit…

Q: Assume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers.…

A: In the United States, Article I, Section 8 of the Constitution gives Congress the power to "lay and…

Q: Describe each of the various tax credits: Child Tax Credit, Earned Income Credit (EIC), Child and…

A: “Since you have posted multiple questions, we will be answering the first question only. In order to…

Q: Which of the following statements is false regarding an employee's contribution into a 401(k) tax…

A: The question is based on the concept of Accounting theory.

Q: Which is correct?  a) The de minimis benefits not exceeding their thresholds are exempt from income…

A: Solution Explanation -Amounts exceeding their threshold are added to the 90000 threshold and amounts…