ACCT 201- Final Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)
30 Nov 2017
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Earned income tax credit: can be given throughout the year. If the tax rate in the foreign country is 15%, the ftc they can credit from tax liability ,000 (. 15*300,000): thus, they owe ,000. Child tax credit (know bases: max amount is ,000 per child, eligible children, under age 17, us citizen, claimed as dependent. ,000 phaseout base: for example ,000 agi mfj with 2 kids, = ,000 / ,000 = 8, =,600 child tax credit (2 kids x ,000 each) (8 x ) Income jointly determines rate, but the expenses are what the lower income parent pays. Credit for certain retirment plan contributions: contributions of up to ,000 qualify, get 50% for a max of ,000. Additional medicare taxes on high-income individuals: two provisions increase medicare taxes for high income individuals beginning in 2013:\ If you do not want to get in trouble, do this.
