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CHILD TAX CREDIT
CHILD AND DEPENDENT CARE CREDIT
EARNED INCOME
SELF EMPLOYMENT
100
Is there a limit on the number of children that a taxpayer can claim the Child Tax Credit for?
What is No, there is not limit as long as the children meet the tests, you can claim the Child Tax Credit for each child.
100
What type of credit is the Child and Dependent Care Credit?
What is Non-Refundable.
100
To claim the EITC without qualifying children you must between the ages of ___ and ____?
What is 25 and 65.
100
Which of the 1040 series forms is required to report self employment income?
What is Form 1040.
200
What is the age in which a child has to be under in order to qualify for the Child Tax Credit?
What is under age 17.
200
What filing status is not eligible to claim the Child and Dependent Care Credit?
What is Married Filing Separately
200
What is the maximum number of qualifying children that can be claimed for the Earned Income Credit?
What are 3 qualifying children.
200
What percentage of self employment tax can you take as a deduction in the adjusted gross income section?
What is 50%.
300
If someone received a $1,000 Child Tax Credit for their son, are they also entitled to claim the Additional Child Tax Credit for that same child?
What is No, this credit is for individuals who get less than the full amount of the Child Tax Credit?
300
What form would I claim the Child and Dependent Care on?
What is Form 2441
300
Are alimony and child support considered earned income for purposes of claiming the Earned Income Credit?
What is No.
300
You must pay self employment tax if your self employment earnings were $400 or less. True or False?
What is False, no SE tax applicable if $400 or less in self employment earnings.
400
What type of income is required to claim the Additional Child Tax Credit?
What is Earned Income such as wages, salaries or tips etc.
400
What is the maximum amount of the Child and Dependent Care Credit if you are claiming two qualifying children.
What is $6,000 for two or more children.
400
Does claiming a parent pass the relationship test for the Earned Income Credit?
What is No, they must be the taxpayer's son/daughter, adopted child, foster child, stepchild, brother, sister, stepbrother, stepsister, half brother, half sister or a descendant of any of the above i.e. a grandchild, niece or nephew.
400
Should I report my Self Employment income if I did not receive a 1099-MISC for mowing lawns and earned $1,600 for the entire tax year of 2015?
What is What is Yes, even if you do not receive a 1099-MISC you still are required to report earnings received as self employment income.
500
What two forms of the 1040 series can the Child Tax Credit be claimed on?
What is the 1040 and the 1040A
500
If you paid daycare for a qualifying child who was permanently and totally disabled there is no age limit for the child, TRUE OR FALSE?
What is TRUE.
500
What three tools are available to address taxpayer questions related to eligibility and amount of their credit for Earned Income Credit?
What is ITLA TLC EITC, AMS WORKSHEET, EITC ASSISTANT ON IRS.GOV
500
Many newly self employed people, sole proprietors, independent contractors...etc are surprised at their tax bills at the end of the year because they notice they are paying a lot more in taxes. This is because they are required to pay both the _____ and the ________ portion of Social Security and Medicare, which is 15.3% total.
What is employee and employer share.