Concerning the Credit for Child and Dependent Care

question 124

Multiple Choice

Concerning the credit for child and dependent care
I.If a taxpayer's adjusted gross income exceeds $43,000, the child and dependent care credit rate is reduced to 20%.
II.No credit is allowed for expenses incurred outside the home.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Eligibility Requirements

Criteria that individuals must meet to qualify for participation in a program or to receive certain benefits.

Retirement Benefits

Financial support or services workers receive upon retiring, including pensions, health insurance, and other forms of retirement income.

Unemployment Benefits

Financial payments given to individuals who have lost their jobs until they find new employment.

T-test

A statistical test used to compare the means of two groups or samples to see if there is a significant difference between them.