QUIZ 6 TAXATION

This is a tax deduction that reduces the taxable income.

• personal exemptions

• personal deductions

• personal tax

• train act amendments

What is the amount of the personal exemption for each qualified dependent.

• 50,000

• 25,000

• 20,000

• 30,000

This is the amounts subtracted from an individual’s income to reduce taxable income and tax liability.

• personal exemptions

• personal deductions

• personal tax

• train act amendments

A cost that exceed a percentage of adjusted gross income.

• tuition fees and related expenses

• charitable contributions

• personal child care expenses

• medical expenses

Deduct tuition and related educational expenses to taxable income.

• tuition fees and related expenses

• charitable contributions

• personal child care expenses

• medical expenses

Deduct donations to qualifying charities with required documentation.

• tuition fees and related expenses

• charitable contributions

• personal child care expenses

• medical expenses

Deduct child care expenses that enable work or study.

• tuition fees and related expenses      

• charitable contributions

• personal child care expenses                                           

• medical expenses

Deduct donations to qualifying charities with required documentation.

• housing rental or mortgage interest

• charitable contributions

• personal child care expenses                                          

• medical expense

It includes various eligible expenses like unreimbursed employee costs.

• housing rental or mortgage interest

• charitable contributions

• personal child care expenses

• other allowable deductions

This to the amount of income that individuals can earn without paying income taxes.

• changes in additional exemption

• overall tax relief

• personal child care expenses

• changes in basic personal exemption