A Substantial Benefit for Working Families with Young Children Should

question 173

Multiple Choice

A substantial benefit for working families with young children should a parent die are

• A)Social Security retirement benefits.
• B)Social Security survivor's benefits.
• C)Medicare benefits.
• D)Social Security disability benefits.

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Definitions:

Form 1116

A tax document used to claim foreign tax credit that reduces double taxation by the United States on income earned abroad.

Passive Income

Income earned from rental property, limited partnerships, or other enterprises in which a person is not actively involved.

Foreign Tax Credit

A nonrefundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxation by the government after deductions and exemptions.