SW 3002 Chapter : Chapter 4
Document Summary
,000: tax-rate schedules: used for tax returns with incomes about ,000, [4. 1c] use your marginal tax rate to help make financial decisions, marginal tax rate can affect many financial decisions that you make. [4. 1d] your effective marginal tax rate in higher: effective marginal tax rate: describes a person"s total marginal tax rate on income after including federal, state, and local income taxes as well as social security and. Child tax credits: nonrefundable; up to per child under the age of 17: adoption credit: refundable; up to ,190 is available for the qualifying cost of an adoption xi. Morgan interest tax credit: nonrefundable; of up too for mortgage interest paid may be claimed under special state and local government programs that provide a. Mortgage credit certificate for people who purchase a principle residence or borrow funds for certain home improvements xii. Retirement savings contribution credit: of up to is available xiii.
