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QUESTION 21) Which of the following is true of the earned income tax credit? The maximum amount of credit can only be achieved with 3
QUESTION 21) Which of the following is true of the earned income tax credit?
- The maximum amount of credit can only be achieved with 3 or more qualifying children.
- You may not claim it if you have any amount of investment income.
- You may claim it without earned income if you are not a dependent.
- You must have at least one child to claim it.
QUESTION 23) Collectibles such as coin and stamp collections, when held for over a year and sold at a gain, are subject to a maximum tax rate of
- 37%
- 28%
- 25%
- 20%
QUESTION 31
Grant paid the following taxes in the current year:
State income taxes $3,000
City real estate taxes $6,000
State/local sales taxes $2,000
Assuming that he wants to maximize his deductions, what is Grants tax deduction on Schedule A?
- $9,000
- $11,000
- $10,000
- $8,000
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