Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 9, Problem 7DQ
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Which of the following statements is false regarding the earned income credit (EIC)?   Multiple Choice   If certain requirements are met, a taxpayer may receive advance payments of EIC.   Maximum amount of the credit depends on the earned income and number of children.   A taxpayer without children cannot claim the credit.   The credit is refundable.
Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022? A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed. B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount. C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount. D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.

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Individual Income Taxes

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