Difference between gross income and taxable income

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1) Describe the differences between ‘Married Filing Jointly’ and ‘Married Filing Separately.’

2) List the ‘Above-the-line’ deductions.

3) Describe the difference between ‘gross income’ and ‘taxable income.’

4) Discuss the taxation of alimony – on the payer and on the receiver.

5) Compare and contrast itemized deductions with tax credits. What is the effect of each on taxable income?

6) Explain the difference between refundable and nonrefundable credits. Provide an example of each.

7) Explain the differences between the ‘Child Tax Credit’ and ‘Child and Dependent Care Credit.’

8) Explain the differences between the American Opportunity Tax Credit and the Lifetime Learning Credit.

Reference no: EM131862520

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