Which of the following statements regarding adoption credits is true? Multiple Choice The adoption credit may be limited if AGI amounts exceed certain levels. The maximum credit allowed per adopted child is $16,890. Adoption of foreign children does not qualify for the credit. Qualified expenses may include reimbursements from employer programs.

Which of the following statements regarding adoption credits is true? Multiple Choice The adoption credit may be limited if AGI amounts exceed certain levels. The maximum credit allowed per adopted child is $16,890. Adoption of foreign children does not qualify for the credit. Qualified expenses may include reimbursements from employer programs.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 1MCQ

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Please answer all question. True Or False
A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except: Multiple Choice A dependent under the age of 13. An adult child who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year. A dependent child, age of 17 who attends school full time. A spouse who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year.
Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
Which of the following is not a requirement to receive the premium tax credit for health care? Health care through the employer is not available Health insurance is purchased through the state or federal exchange Income must be no greater than 200 percent of the federal poverty line The taxpayer cannot be claimed as a dependent
Employers that want to use a per diem rate to reimburse employees' lodging, meals, and incidental expenses on business trips within the continental U.S. (CONUS) can use either the IRS's high-low method or a reimbursement rate provided by the General Services Administration used by the federal government to reimburse federal employees True False
1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…
Which of the following statements is not correct about Medicaid? Multiple Choice The Social Security Act created Medicaid in 1965. Medicaid is a program of medical assistance to certain low-income individuals and families. Medicaid is administered by each state within certain federal guidelines. Medicaid is financed by both state and federal funds. Medicaid is provided to wealthy individuals.
A U.S. citizen who is married to a nonresident alien can file a joint return as long as both spouses: O Are living overseas and do not lan Have valid Social Security numbers. Sign the return and agree to be taxed on their worldwide income. Are physically present in the U.S.
Which of the following statements relating to qualified transfers for gift tax purposes is not correct? 1. The relationship between the donor and the donee is irrelevant with a qualified transfer. 2. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. 3. The exclusion for a qualified transfer is in addition to the annual exclusion. 4. A payment made to a qualified education institution for tuition costs is a qualified transfer. The relationship between the donor and the donee is irrelevant with a qualified transfer. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. The exclusion for a qualified transfer is in addition to the annual exclusion. A payment made to a qualified education institution for tuition costs is a qualified transfer.
Old Age Security (OAS) differs from the CPP in many ways. Which of the following statements does NOT represent an accurate contrast? a OAS payments are reduced according to how high your other sources of retirement income are, whereas CPP is not affected by other income sources b OAS does not provide any financial allowance for a widowed partner of someone who received OAS, whereas CPP does c OAS is paid for with tax dollars, rather than like CPP through employer/employee contributions d OAS is not related to the amount of money you made while you were working, whereas CPP is
I need help on part b and part d. Thanks.
Correct answer needed.