Romelia (age 45) is Single with no dependents. Her income includes wages from her job and interest income from the credit union. Romelia is trying to figure out how much Earned Income Credit (EIC) she is eligible to claim. Which of the following statements is correct? EIC is based on earned income. EIC is based on adjusted gross income. EIC is based on earned income or adjusted gross income. EIC is based on taxable income. nephew, age 11 (who moved back with his parents at the beginning of 2021). She then claimed her only child as a dependent on her 2021 return. Her AGI is $49,000, and her tax liability is $3,139. She received $2,800 from the Recovery Rebate Credit. She also received Form 6419 showing $3.500 in advance for two children (Box 2) for the Child Tax Credit. Since she received $500 over the correct amount of the Child Tax Credit in 2021, what is the correct course of action for Renee in this year's return? She does not have to return the $500 overpayment. She must return the $500 overpayment to the IRS. She must defer the excess Child Tax Credit to the following year. None of the above are correct. When your client files the 2021 tax return during the 2022 tax filing season, you will need to compare or reconcile the following activities, except for: Payments received for the Child Tax Credit. Economic Impact Payment (EIP-3). Earned Income Tax Credit (in advance). None of the above. Before the TCJA tax law, a C-Corporation was an "expensive" way to structure a business. C-Corporations provide protection and allow great flexibility and planning but double taxation hammered small business owners and often limited growth. Considering the new tax law signed by the President on December 22, 2017. what is the flat tax rate that a C-Corporation uses to calculate and pay taxes starting with the 2018 tax year (and before 2025)? 21\% 22% 39.6%