Business, 08.05.2021 04:50 jaxmoran964
7)In 2020, taxpayers with the following filing statuses may be eligible to claim the earned income credit except :
Question 7 options:
1)
single
2)
head of household
3)
married filing jointly
4)
qualifying widower
5)
surviving spouse
6)
none of the above
8) In 2020, Bob, age 34, single, had no children, earned income of $2,800, and interest income of $1,100. His adjusted gross income was $3,900. Based on this information, Bob:
Question 8 options:
1)
can claim the earned income credit
2)
cannot claim the earned income credit
3)
can claim a much smaller earned income credit than a head of household taxpayer with 1 qualifying child can claim
4)
A & C are both correct
9)The alternative minimum tax ("AMT") tax formula begins with and ends with .
Question 9 options:
1)
taxable income ("TI") ; AMT
2)
adjusted gross income ("AGI") ; AMT
3)
tentative minimum tax ("TMT") ; AMT
4)
None of the above
10)Why was the alternative minimum tax originally enacted into law?
Question 10 options:
1)
A study conducted in the 1960s found that hundreds of individual taxpayers with extremely high incomes had $0 in tax liability.
2)
The desire for tax simplification.
3)
Congress saw the need for a "parallel" tax system that would, in effect, levy a small tax on all taxpayers who make more than $20,000 a year.
4)
All of the above.
11)In 2020, Jimmy Joe Jackson had earned income of $14,400 and qualified for both a $300 nonrefundable tax credit and a $1,000 refundable tax credit. In 2020, he had no federal income tax withheld. Based solely on these facts, Jimmy Joe Jackson should receive a federal income tax refund of:
Question 11 options:
1)
$1,300
2)
$1,100
3)
$1,000
4)
$1,200
5)
None of these
Answers: 2
Business, 22.06.2019 14:00
Which of the following would be an accurate statement about achieving a balanced budget
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Why is following an unrelated diversification strategy especially advantageous in an emerging economy? a. it allows the conglomerate to overcome institutional weaknesses in emerging economies. b. it allows the conglomerate to form a monopoly in emerging economies. c. it allows the conglomerate to use well-defined legal systems in emerging economies. d. it allows the conglomerate to take advantage of strong capital markets in emerging economies.
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Business, 23.06.2019 02:40
Acompany that uses the periodic inventory system provided the following information: 1. beginning inventory $ 5 comma 0002. purchases $ 150 comma 0003. purchase discounts $ 2 comma 1004. purchase returns and allowances $ 1 comma 000at the end of the period, the physical count of inventory reveals that $ 16 comma 000 worth of inventory is on hand. what is the amount of cost of goods sold?
Answers: 2
7)In 2020, taxpayers with the following filing statuses may be eligible to claim the earned income c...
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