What is the difference between child tax credit, and an additional child tax credit?
Child tax credit: is non-refundable, reduces your liability, but not below 0. Additional: is refundable, and can result in a refund check.
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What is the difference between adjustments and credits?
Adjustments to income influence final tax bill indirectly, credits reduce tax bill directly, dollar for dollar.
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What is income?
Money, received on a regular basis.
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What is the difference between earned income and investment income?
Earned income is something you work for. Investment income comes from sales of securities (stocks, bonds).
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What is a final tax bill?
Amount, owed to the government after all payments, and/or credits were applied to tax liability.
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What constitutes default on a loan?
Default happens when you are unable to pay the loan back.
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What is revenue?
Similar to income, money earned on regular basis.
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What is an equity?
Something that you own, that belongs to you.
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What does IRS stand for?
Internal Revenue Service
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What's the difference between refundable and non-refundable credit?
Non-refundable reduces your tax bill, but doesn't result in refund (check). Refundable results in refund, even if you don't owe any money.
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What is the difference between tax liability and a final tax bill?
Final tax bill equals tax liability, minus any payments already made, or/and credit applied..
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What is collateral?
Something you offer to secure a loan.
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At 2020, Mary worked at a bank. Her tax liability is $1500. Her employer withheld from her paycheck $1000 of Federal tax liability. What her final tax bill?
