Question
Gianna uses the head of household filing status and claims her six-year-old daughter. Her marginal tax rate is 10%. Her AGI is $26,000. Which statement
Gianna uses the head of household filing status and claims her six-year-old daughter. Her marginal tax rate is 10%. Her AGI is $26,000. Which statement is TRUE about Gianna's tax credits?
The maximum Saver's Credit would be up to 20% of her contributions to retirement accounts.
The maximum Child and Dependent Care Credit would be 29% of her expenses.
Gianna's Earned Income Tax Credit would decrease if she lowered her AGI by $1,000.
The refundable Additional Child Tax Credit is limited to $1,000.
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
