SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
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Allowable Business Investment Losses (ABIL) can be deductible from any source of income to the taxpayer in a given tax year. Name any two sources of income that ABIL can be deducted from: _____________ and _____________.
Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.
Which of the following is tax credit or tax deduction or none:   A reduction of the income subject to tax A reduction of the total amount a taxpayer owes to the government A reduction of individual income taxes based on last year’s taxes A reduction of corporate taxes based on last year’s profit
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