• MONEY & ME TRIVIA: Credits and Taxes
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  • Scot is self-employed. In 2020, he made 4 estimated payments, $250 each. His tax liability came out to be $1500. What is his final tax bill?
    He owes Federal government $500.
  • What is the difference between adjustments and credits?
    Adjustments to income influence final tax bill indirectly, credits reduce tax bill directly, dollar for dollar.
  • What is a tax liability?
    Amount of tax, an American tax payer pays to the American government.
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