question 15 (1 point)\nfor 2018, the earned income tax credit\no a is a refundable tax credit based on…

question 15 (1 point)\nfor 2018, the earned income tax credit\no a is a refundable tax credit based on income level, filing status, and number of qualifying children.\no b has been increased to $6,431 for all taxpayers regardless of the amount of taxable income.\no c is designed as a benefit for all taxpayers regardless of taxable income levels.\no d remains the same without any new guidelines or adjustments for inflation.\n\nquestion 16 (1 point)\nthe 2017 tax cuts and jobs act has changed the filing form, and the new form\no a will simplify income tax filing for all taxpayers.\no b is basically the same as the old form 1040 with unnoticeable changes.\no c is much smaller in size and is designed to simplify filing for many taxpayers.\no d consolidates the older form 1040, form 1040a, and form 1040ez into one longer form.

question 15 (1 point)\nfor 2018, the earned income tax credit\no a is a refundable tax credit based on income level, filing status, and number of qualifying children.\no b has been increased to $6,431 for all taxpayers regardless of the amount of taxable income.\no c is designed as a benefit for all taxpayers regardless of taxable income levels.\no d remains the same without any new guidelines or adjustments for inflation.\n\nquestion 16 (1 point)\nthe 2017 tax cuts and jobs act has changed the filing form, and the new form\no a will simplify income tax filing for all taxpayers.\no b is basically the same as the old form 1040 with unnoticeable changes.\no c is much smaller in size and is designed to simplify filing for many taxpayers.\no d consolidates the older form 1040, form 1040a, and form 1040ez into one longer form.

Answer

Brief Explanations:

  • Question 15:
    • The Earned Income Tax Credit (EITC) is a refundable tax credit. It is calculated based on income level, filing status, and the number of qualifying children.
    • Option b is incorrect because the EITC amount varies depending on income, filing status, and number of qualifying children, not a fixed amount for all taxpayers.
    • Option c is incorrect as it is not for all taxpayers; it is targeted at those with earned income (within certain limits).
    • Option d is incorrect as there are adjustments (e.g., for inflation over time, although the question is about 2018 - but generally, it's not static).
  • Question 16:
    • The 2017 Tax Cuts and Jobs Act changed the filing form. The new Form 1040 consolidates the older Form 1040, Form 1040A, and Form 1040EZ into one longer form.
    • Option a is incorrect as it doesn't simplify for all taxpayers (some may find it more complex depending on their situation).
    • Option b is incorrect as the changes are noticeable (consolidation).
    • Option c is incorrect as it is a longer form (consolidation) rather than smaller.

Answer:

  • Question 15: A. is a refundable tax credit based on income level, filing status, and number of qualifying children.
  • Question 16: D. consolidates the older Form 1040, Form 1040A, and Form 1040EZ into one longer form.