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martay and gloria are married; both are on active duty. they have two children, martay, jr. (age 4) and estrelia (age 2). in 2021, martay earned $20,000, of which $14,000 was combat pay. gloria earned $24,000, of which $5,000 was combat pay. how would you prepare their return with regard to the earned income tax credit (eitc) and the child and dependent care credit?

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tutorconsortium271

With relation to the child and family care credit and the earned-income tax credit, he prepares their return for $1200.

What does "income tax" mean?

Businesses and individuals are subject to income taxes (or family units). Based on the income received, individual income taxes are calculated. Typically, it is categorized as just a direct tax so because burden is thought to fall on the people who pay it.

To whom is income tax exempt?

March 2018 Page Update Beginning January 1, 2018, individuals who receive compensation, as well as ego and professional taxpayers (SEPs), are excluded from the personal income tax if their taxable incomes were P250,000 or less (PIT). Tax exemptions apply to both the 13th month's income as well as other benefits totaling P90,000.

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