question archive If during the tax year your income increases above the amount that you reported when enrolling for health insurance on the market place, then which of the following outcomes is possible if you received advanced payments of the Premium Tax Credit? Select one: a
If during the tax year your income increases above the amount that you reported when enrolling for health insurance on the market place, then which of the following outcomes is possible if you received advanced payments of the Premium Tax Credit? Select one: a
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If during the tax year your income increases above the amount that you reported when enrolling for health insurance on the market place, then which of the following outcomes is possible if you received advanced payments of the Premium Tax Credit? Select one: a. You may receive a smaller tax refund than you would have originally. b. You may have a higher tax balance due than you would have had originally. c. You may end up having a tax balance due when originally you were expecting a tax refund. d. All of the above are possibilities Question 88 Not yet answered Not flaggedFlag question Question text Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. While there are no set requirements as to how often a W-4 should be updated by the taxpayer, which of the following events could trigger a change in tax liability and therefore warrant an updated W-4 to be completed by an individual who is an employee of a company with tax withholdings from his pay? Select one: a. A previously married filing joint taxpayer who has finalized a divorce. b. A taxpayer whose child just got married and will no longer be claimed as a dependent. c. A taxpayer who will no longer be paying child dependent care expenses. d. All of the above Question 89 Not yet answered Not flaggedFlag question Question text Cindy Bellows paid the following during the tax year: $1,555 on auto loan interest, $945 on credit card finance charges, $8,200 of mortgage interest on a loan used to purchase her primary residence. $1,000 in points paid to acquire the loan used to purchase her primary residence. Assume there are no other limitations to the amount of interest that Cindy can deduct. What is Cindy's total itemized deduction for interest expense on Schedule A?Select one: a. $9,755 b. $8,200 c. $9,200 d. $1,000 Question 90 Not yet answered Not flaggedFlag question Question text Which of the following individuals can be a qualifying child for purposes of claiming the Earned Income Credit? Select one: a. A child in the process of being adopted provided he or she has been lawfully placed. b. A foster child provided either the child has been officially placed or is a member of one’s extended family. c. A brother, sister, half-brother or half-sister. d. All of the above can be a qualifying child.
