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Which of the following is NOT considered an allowance for exemption?Credits for child careEarning over $100,000 a yearDeductions for two-wage earners in a familyClaiming dependents

Question

Which of the following is NOT considered an allowance for exemption?Credits for child careEarning over $100,000 a yearDeductions for two-wage earners in a familyClaiming dependents

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Solution

Earning over $100,000 a year is NOT considered an allowance for exemption. The other options, credits for child care, deductions for two-wage earners in a family, and claiming dependents, are all considered allowances for exemption. These exemptions can reduce the amount of income that is subject to tax. However, simply earning a high income does not provide any tax exemptions.

Similar Questions

Which one of the following will disqualify an individual from qualifying for the child and dependent care credita.Unearned income of $400b.Paying for care for more than one qualifying personc.Paying for child care while looking for workd.Not identifying the care provider on the tax return

tax exempt income?

Nadine, a 20 year- old student, with one child and no partner,  lives at home to receive help for child care. Her parents' income is $65,000 a year. She earns $600 a fortnight in a casual job and her income bank balance is $0. Her allowance is calculated in the following way: ___________________________. A.= 389.40 -  [ 47.50 +0.60 x (600 -575) ]B.= 389.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]C.= 720.40 - [ 47.50 +0.60 x (600 -575) ] - 0.20 x [ (65,000 -58,108)/26 ]D.= 389.40 -  [0.50 x (600 -480) ]E.= 720.40 -  [0.50 x (600 -480) ]F.= 720.40 - [ 47.50 +0.60 x (600 -575) ]

Education allowance is exempted for ……..

Students with high income parents have a chance to be eligible to receive Youth allowance if _______________________.A.they decide not to get a job while studyingB.they have a childC.they remain single D.they live away from homeE.they are less than 22 years old

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