Chapter 12 Quiz

Chapter 12 Quiz - ____ 4. The maximum credit for child and...

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ch 12 quiz True/False Indicate whether the statement is true or false. ____ 1. The tax benefits resulting from tax credits and tax deductions are affected by the tax rate bracket of the taxpayer. ____ 2. Income tax withheld on wages is an example of a refundable credit. ____ 3. Because current U.S. corporate income tax rates are higher than many foreign corporate income tax rates, the overall limitation does not yield a lower foreign tax credit than the amount of foreign taxes actually paid.
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Unformatted text preview: ____ 4. The maximum credit for child and dependent care expenses is $2,100 if only one spouse is employed and the other spouse is a full-time student. ____ 5. For purposes of computing the credit for child and dependent care expenses, the qualifying employment-related expenses are limited to an individuals actual or deemed earned income....
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