Why is the earned income credit referred to as a negative income tax?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
The earned income credit is a refundable credit that is designed to help offset t...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Question Posted:
Students also viewed these Business Law questions
-
Is the earned income credit a form of negative income tax? Why or why not?
-
Miguel and Katrina have 2 children under age 17, have earned income of $16,000, and pay $1,836 in Social Security tax. Their tax liability is $1,050 before the child credit. a. What amount can they...
-
1. Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their adjusted gross income for 2014 is $105,300. What is Russ and Lindas...
-
Calculate the Total Cost of Ownership of the following 2 models and determine which model is a better buy. Model X Model Y $50,000 $60,000 Purchase price = Expected useful life = Maintenance cost per...
-
In 2011, Rainbow Corporation earned $8.80 per share and paid a dividend of $4.00 per share. At year end, the price of its stock was $132 per share. Calculate the dividends yield and the...
-
An open-ended question in a survey form permits respondents to formulate their own answers. T F
-
On what do total line-haul costs and line-haul costs per hundredweight depend? What two ways can shippers reduce line-haul costs? LO.1
-
(a) How close does the Bees' reported ticket revenue for 2014 have to be to your expectation for you to consider reported ticket revenue reasonable or fairly stated? (b) If reported ticket revenues...
-
Consider the following two mutually exclusive projects: Year Cash Flow ( A ) Cash Flow ( B ) 0 $ 4 1 0 , 0 0 0 $ 8 6 , 0 0 0 1 1 0 2 , 0 0 0 4 8 , 0 0 0 2 7 7 , 0 0 0 3 4 , 0 0 0 3 7 7 , 0 0 0 3 1 ,...
-
During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $28,000 cash (estimated useful life, seven years). b. On...
-
Compare and contrast the lifetime learning credit with the American opportunity credit.
-
Under what circumstances can a college student qualify for the earned income credit?
-
Mary Pierce is the controller of Arnold Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year. (a) Bonuses to...
-
The following information appears in the records of Poco Corporation at year-end: a. Calculate the amount of retained earnings at year-end. b. If the amount of the retained earnings at the beginning...
-
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B D Beginning Assets... $38,000 $22,000 $38,000 ? Liabilities.. 22,000 15,000...
-
On December 31, John Bush completed his first year as a financial planner. The following data are available from his accounting records: a. Compute John's net income for the year just ended using the...
-
Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Flush Janitorial Service, Inc., at the end of 2019 and 2018: Required a. Prepare a balance sheet as...
-
Petty Corporation started business on January 1, 2019. The following information was compiled by Petty's accountant on December 31, 2019: Required a. You have been asked to assist the accountant for...
-
Growbig plc used to be a medium-sized company trading in agricultural supplies and chemicals such as fertilizers and pesticides. It was owned by a consortium of farmers and growers and on flotation...
-
Find the numerical value of each expression. (a) sech 0 (b) cosh -1 1
-
The National Collegiate Athletic Association (NCAA) regulates intercollegiate amateur athletics among the more than 1,200 colleges and universities with whom it contracts. Among other things, the...
-
National Association for Stock Car Auto Racing, Inc. (NASCAR) sanctions stock car races. NASCAR and Sprint Nextel Corp. agreed that Sprint would become the Official Series Sponsor of the NASCAR...
-
In 1984, James Griggs mother was killed in a car accident. Royal Insurance Co. of America agreed to pay Grigg a number of monthly payments and two lump-sum payments of $50,000 due May 1, 1995, and...
-
If you purchase a $1000 par value bond for $1065 that has a 6 3/8% coupon rate and 15 years until maturity, what will be your annual return? 5.5% 5.9% 5.7% 6.1%
-
Famas Llamas has a weighted average cost of capital of 8.8 percent. The companys cost of equity is 12 percent, and its pretax cost of debt is 6.8 percent. The tax rate is 22 percent. What is the...
-
The common stock of a company paid 1.32 in dividens last year. Dividens are expected to gros at an 8 percent annual rate for an indefinite number of years. A) If the company's current market price is...
Study smarter with the SolutionInn App