Which of the following statements regarding FICA taxes is true? Low income employees are not required to pay FICA taxes. An employee who has two different employers during the year may be entitled to a tax credit for overpaid FICA taxes The maximum amount of Medicare taxes an employee is required to pay is capped each year but the maximum amount of Social Security taxes is not The wage base limit for FICA taxes depends on the taxpayer's filing status. Which of the following statements regarding the child tax credit is false? The child for whom the credit is claimed must be under the age of 15 at the end of the year The credit is subject to phase-out based on the taxpayer's AGI The full credit for a child who qualifies is $1,000 The child for whom the credit is claimed must meet the definition of a qualifying child. Which of the following is not true of the American opportunity credit? A taxpayer with multiple eligible dependents can claim a credit for each dependent's qualifying expenses The credit is available for students during their first four years of postsecondary education only It is phased out based on the taxpayer's AGI The qualifying educational expense does not include book. Which of the following statements regarding the earned income credit is true? It is a nonrefundable credit A taxpayer with more earned income may receive more credit than a taxpayer with less earned income A 70-year-old taxpayer with no dependents can qualify for the credit in certain circumstances A taxpayer whose only source of income is interest from corporate bonds is eligible for the credit Which of the following does not affect the amount of the earned income credit? Filing status Amount of credit taken in previous years Number of qualifying children Taxpayer's AGI Which of the following tax credits is fully refundable? American opportunity credit Dependent care expense credit Earned income credit None of the above