As a tax credit on the Federal Income Tax Form 1040, the earned income credit for applicable households is added to household income. a. b. . subtracted from household income if one uses the standard deduction. subtracted from household income if one itemizes deductions. added to household taxes owed. subtracted from household taxes owed. d. e. In 2008 housing prices decreased substantially. Given that their mortgage loans were standard mortgage loans and the household remained employed with no change in their wages and salaries and no other income sources, for such households the immediate impact was a decrease in wealth but no change in income. , a decrease in income but no change in wealth. a decrease in both wealth and income. no change in either wealth or income. an increase in wealth but no change in income a. On the Federal Income Tax Form 1040, interest on student loans is an example of a tax credit, which gets added to your income. b. a tax credit, which gets subtracted from your income. an adjustment, which gets added to your income. d. an adjustment, which gets subtracted from your income. an item which both gets added to and subtracted from your income. e