x
Info
x
Warning
x
Danger
 / 
 / 
 / 
  66) In which of the following situations would a taxpayer

Question :   66) In which of the following situations would a taxpayer : 2125631

 

66) In which of the following situations would a taxpayer be better off to take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit?

A) The foreign tax paid was less than 10% of AGI.

B) The foreign tax paid was to a South American country.

C) The foreign tax paid was a property tax.

D) The foreign tax paid was an income tax.

67) Waseem has $103,000 total taxable income, which includes $11,000 of taxable income from India. He paid $4,000 in foreign income taxes and his U.S. tax liability is $21,610. Waseem's foreign tax credit is: (Do not round interim calculations)

A) $0.

B) $2,200.

C) $2,308.

D) $4,000.

68) Rudy and Rebecca have AGI of $446,000. They have twin daughters, Ashley and Amy, ages 5. What amount of child tax credit can they claim?

A) $0.

B) $1,700.

C) $2,300.

D) $4,000.

69) Sandra is single and her son Julius is 12 years old. If her AGI is $79,000, what amount of child tax credit can Sandra claim?

A) $0.

B) $500.

C) $1,000.

D) $2,000.

70) Presley and Jake are married filing joint taxpayers. They have twin sons, ages 7. If their AGI is $416,950, what amount of child tax credit can they claim?

A) $0.

B) $850.

C) $3,150.

D) $4,000.

 

Solution
5 (1 Ratings )

Solved
Taxation 1 Year Ago 148 Views
This Question has Been Answered!
Unlimited Access Free
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
22416 Taxation Questions Answered!
Post a Question