Question
1) Describe the differences between Married Filing Jointly and Married Filing Separately. 2) List the Above-the-line deductions. 3)Describe the difference between gross income and taxable
1) Describe the differences between Married Filing Jointly and Married Filing Separately.
2) List the Above-the-line deductions.
3)Describe the difference between gross income and taxable income.
4) Discuss the taxation of alimony on the payer and on the receiver.
5) Compare and contrast itemized deductions with tax credits. What is the effect of each on taxable income?
6) Explain the difference between refundable and nonrefundable credits. Provide an example of each.
7) Explain the differences between the Child Tax Credit and Child and Dependent Care Credit.
8) Explain the differences between the American Opportunity Tax Credit and the Lifetime Learning Credit.
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