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Need the answers for questions 4,5,6, and 7; asap please Which of the following qualifies for the earned income credit? a. Kate, unmarried, maintains a

Need the answers for questions 4,5,6, and 7; asap please image text in transcribed
Which of the following qualifies for the earned income credit? a. Kate, unmarried, maintains a household for a dependent 12 years old son. Her income consists of salary of $10, 500 and $300 of interest from a saving account. b. Eduardo is single, 19 years of age and earns $3.000 of wages. Ha has no dependents c. George is 70 years old and has earned income of $2, 500. Ha has no dependents and is not married. d. All of the above qualify for the earned income credit. e. None of the above qualify for the earned income credit. Franklin and Sarah own their personal residence. The outstanding balance on their mortgage is $50,000. They refinanced their home and took out a new mortgage for $250,000. The proceeds were used for personal purposes. The amount of mortgage which generates deductible interest (including home equity interest) is limited to: a. $50,000 b. $250,000 c. $150.000 d. $200.000 e. none of the above Otis purchased a new automobile on Jan. 2, 2016 for $25.000. The auto is used 80% for business and 20% for personal purposes. Total business miles driven in 2016 is 10,000 miles. If Otis uses the automatic mileage method, what is the total (business + personal) adjusted basis of the automobile at December 31, 2016? (The deduction for 2016 is 54 cents per mile of which 24 cents is depreciation) a. $2, 300 b. $22, 600 C. $22, 900 d. $22, 800 e. none of the above Pam holds two jobs, a full-time job with Ivory Company and a part-time job with Fuchsia Corporation. Pam drives her own car to work, and her daily mileage is as follows: Deductible daily mileage for Pam is: a. 70. b. 36. c. 90. d. 34. e. None of the above

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