Answered: Which is smaller in value, a $7,500 tax…

Which is smaller in value, a $7,500 tax deduction or a $7,500 tax credit? Explain why. Please No more than three sentence. keep it simple.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.4: Buying And Operating A Vehicle

Problem 3R

See similar textbooks

Related questions

Q: did you get 0.2Y?

A: The aggregate expenditure is the sum total of consumption, investment, government expenditures.

Q: 10

A: It is aprogressive tax because of federal system.

Q: Summarize Social security and tax reform

A: Social security refers to the protection that government provides to individuals or households to…

Q: How are the annual revenues and expenses estimated?

A: The annual revenue can be estimated by multiply the units of goods and services sold to the price…

Q: When someone owes you money in Canada, what steps are you allowed to take in order to collect the…

A: It can be defined as the financial liability that one individual or any entity owes to another…

Q: What is the difference between legality and intention?

A: The legality and intention are all the terms to make a contract legal. The contract will only become…

Q: a. (A-Marginal Cost, B-Average Variable Cost, C-Average Total Cost) O b. (A-Average Total Cost,…

A: Total fixed cost divided by output gives the average fixed cost. Average variable cost equals total…

Q: 3) Jack's Labor Demand Problem Jack hires craftswomen like Jane to help produce widgets. Jack acts…

A: Monopsony is defined as the market condition where there is a single buyer, known as the…

Q: How do you calculate personal income before or after taxes?

A: Understanding how to determine the pre-tax income is critical when computing income tax returns or…

Q: What is estate tax. Don't use any ai pls.

A: An estate tax, additionally known as an inheritance tax, is a tax on the property transfer from a…

Q: Are the interest payments tax-deductible?

A: Interest deduction refers to the subtraction of interest payments from total taxable income by a…

Q: What is the amount of tax per unit?

A: The per unit tax is also known as the specific tax, in which a fixed amount is imposed as a tax to…

Q: What are the deductible expenses?

A: Expenses are the operating costs incurred by a company to generate revenue. Common expenditures…

Q: The W-4 tax form is used to determine how much your gross pay should be. avoid paying income taxes…

A: In an economy, taxation is considered as the complex economic system because it is different for…

Q: What's rop settlement

A: A process of business whereby interests or securities in the securities are being delivered, usually…

Q: Individual Income Tax- Sales Tax- Property Tax- Corporate Income Tax-

A: Taxes are described as a government-imposed tax on individuals in the economy in exchange for no…

Q: Suppose there are three (3) people in a market for bottles of perfume; Mutumbu, Jasanu and Julius…

A: Market demand refers to the total quantity of a good or service that consumers in a specific market…

Q: Part 1: Suppose that the government imposes a $4 per pizza tax on the sellers of pepperoni pizzas.…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: What are the different ways in which personal property can be obtained?

A: Personal property is a type of property that consists of any property except real estate. It's also…

Q: How do sales taxes typically apply in a business environment?

A: Sales tax is a consumption tax imposed by the government on the sale of goods and services. It is…

Q: how do you find the income before income taxes ?

A: A tax is a financial charge that a government levies on people or legal entities, like businesses,…

Q: The government needs to pay out 350 billion dollars more in Social Security benefits than it…

A: Government Revenue Government revenues are the earnings of the nation or government which are…

Q: role of the debtor in possession?

A: Debtor- It owes a debt to another entity.

Q: What are standard deductions?

A: There exists a difference between taxable income and the total amount of income earned by the…

Q: Connor has a summer job which pays $1,589 for the entire summer. If 22% is taken out for federal…

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

Q: So what does it look like if it is right after the tax year?

A: Taxpayers profit from MACRS because it accelerates cost recovery advantages. The strategy enables…

Q: Because this market is a monopolistically competitive market, you can tell that it is in long-run…

Q: Timber price of Douglas fir is $4/cubic foot, planting cost is $1,500, marginal harvest cost…

A: Given: Timber price of Douglas fir = $4/cubic foot. Planting cost = $1500 Marginal harvest cost =…

Q: Explain the difference between real and personal property.

A: The property has difference in case of individual people as well and the difference lies in the…

Question

Which is smaller in value, a $7,500 tax deduction or a
$7,500 tax credit? Explain why.
Please No more than three sentence. keep it simple.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The W-4 tax form is used to determine how much your gross pay should be. avoid paying income taxes on your paychecks. tell your employer how much federal income tax to withhold from your paychecks to send to the IRS. file your tax return.
What are Corporate Taxes?
What are standard deductions?
What are the procedures of Individual Income Taxes?
er In your current job, you earn $41,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would rise by $6,500. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. Assuming no state and local taxes, when federal income taxes and payroll taxes are deducted, about how much of the $6,500 do you get? For taxable but not over. ... the marginal income over... tax rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $403 $1,372 $592 $5,128
Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay Calculate
Connor has a summer job which pays $1,589 for the entire summer. If 22% is taken out for federal taxes, then how much is deducted
Jeff, a 56 year old professor is subject to a 28% tax rate. He has had a family emergency and must withdraw $5,000 from his IRA to fund it. How much money will he owe the government for this withdrawal?
how do i get most out of my taxes as a college student?
How do sales taxes typically apply in a business environment?
What is estate tax. Don't use any ai pls.
What is the definition of Property tax