--%>
Assignment Help - homework help

Child tax credit

A type of personal tax credit that reduces the amount a taxpayer must pay. The child tax credit is $1,000 (in 2008) for each child meeting the criteria the child must be a U.S.  National, citizen, or resident under 17, a dependent of the taxpayer, and a grandchild, stepchild, child or foster child of the taxpayer. For taxpayers with income below $10,500, the child tax credit is refundable up to 10% of the income under $10,500. The tax credit is phased out for taxpayers with modified adjusted gross incomes over $75,000 (for single taxpayer), $110,000 (for couples), and $55,000 (for married couples filing separately).

 

   Related Questions in Managerial Accounting

  • Q : Provision of management accounting

    What do you mean by the term provision of management accounting information?

    		•
  • Q : Things which Opportunities comprises

    Write a brief note on the things which Opportunities comprises?

    		•
  • Q : Explain Cost Assignment Cost Assignment

    Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three

    		•
  • Q : Define Cost Accounting Practice Cost

    Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.

    		•
  • Q : Define Common Cost Common Cost : It is

    Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.

    		•
  • Q : Define Unit Cost Unit Cost : The cost

    Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.

    		•
  • Q : Define Profit or Loss Analysis Profit

    Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o

    		•
  • Q : Why wealth creation is a longer-term

    Write a short note on why wealth creation is a longer-term concept?

    		•
  • Q : Balloon payment The final payment in a

    The final payment in a partially amortized loan. The balloon payment repay the entire remaining principal and is usually larger than previous payments on the loan. Loan that is set up with balloon payments allow the borrower to make the purchase and have a lower payme

    		•
  • Q : What is Direct Cost Direct Cost : The

    Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o

    		•