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
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
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.