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34. Under which of the following situations would a taxpayer

Question : 34. Under which of the following situations would a taxpayer : 2125653

34. Under which of the following situations would a taxpayer most likely take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit?

a. The foreign tax paid was less than 15%.

b. The foreign tax paid was to a European country.

c. The foreign tax paid was a property tax.

d. The foreign tax paid was a tax on dividend income.

35. Justin and Janet, whose AGI is $456,000, have one daughter, age 5. How much child tax credit can they take?

a. $0.

b. $1,000.

c. $2,000.

d. $2,800.

36. Julian is a single father with a son, Alex, who is 8 years old. If Julian’s AGI is $187,000, what is his child tax credit for Alex?

a. $0.

b. $500.

c. $1,000.

d. $2,000.

37. Jerry and Ellen are married filing jointly with AGI of $45,000. They made a $1,500 contribution to a qualified retirement plan. How much is their retirement savings contributions credit?

a. $0.

b. $150.

c. $300.

d. $750.

38. Marcia is a single filer and has AGI of $26,000. During the year, she contributed $800 to a Roth IRA. What amount of retirement savings contributions credit can Marcia take?

a. $0.

b. $80.

c. $160.

d. $400.

 

 

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