Under the Tax Cuts and Jobs Act (TCJA), to reduce waste, fraud, and abuse, a taxpayer is required to provide which of the following in order to claim the refundable Earned Income Tax Credit?
A. Valid Driver's License Number.
B. Work-eligible Social Security Number (SSN).
C. U.S. Military ID card.
D. U.S. Passport.

Question

04-01-2021
Business

Answered

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Under the Tax Cuts and Jobs Act (TCJA), to reduce waste, fraud, and abuse, a taxpayer is required to provide which of the following in order to claim the refundable Earned Income Tax Credit?
A. Valid Driver's License Number.
B. Work-eligible Social Security Number (SSN).
C. U.S. Military ID card.
D. U.S. Passport.

Sagot :

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-01-04T19:31:36-05:00

Answer: B. Work-eligible Social Security Number (SSN).

Explanation:

President Trumo signed The Tax Cut and Jobs Act (TCJA) into law. The changes brought about reduction in taxes paid by economic agents like the household and firms.

For example, there was reduction in the rate of corporate income tax from about 35% - 21%. The income tax rate for individuals were also reduced. It should be noted that for one to be able to claim the refundable Earned Income Tax Credit, such person must provide his or her Work-eligible Social Security Number (SSN)..

Sagot :

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