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Simple English definitions for legal terms

child- and dependent-care tax credit

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A quick definition of child- and dependent-care tax credit:

The child- and dependent-care tax credit is a way to get money back from the government if you have a job and take care of a child or a disabled family member. It's not like a deduction, where you just lower the amount of money you have to pay taxes on. Instead, it's like getting free money from the government that you can use to pay your taxes. There are also other types of tax credits, like the earned-income credit for low-income workers with kids, the foreign tax credit for people who earn money in other countries, and the investment tax credit for businesses that buy new equipment. Finally, there's the unified estate-and-gift tax credit, which is a credit that helps people who want to give away their money or property to their family without having to pay a lot of taxes.

A more thorough explanation:

The child- and dependent-care tax credit is a type of tax credit that is subtracted directly from one's total tax liability, dollar for dollar, as opposed to a deduction from gross income. This tax credit is available to a person who is employed full-time and who maintains a household for a dependent child or a disabled spouse or dependent.

  • Earned-income credit: A refundable federal tax credit on the earned income of a low-income worker with dependent children. The credit is paid to the taxpayer even if it exceeds the total tax liability.
  • Foreign tax credit: A tax credit against U.S. income taxes for a taxpayer who earns income overseas and has paid foreign taxes on that income.
  • Investment tax credit: A tax credit intended to stimulate business investment in capital goods by allowing a percentage of the purchase price as a credit against the taxpayer's income taxes.
  • Unified estate-and-gift tax credit: A tax credit applied against the federal unified transfer tax.

These examples illustrate different types of tax credits that are available to taxpayers under certain circumstances. For example, the earned-income credit is available to low-income workers with dependent children, while the foreign tax credit is available to taxpayers who earn income overseas and pay foreign taxes on that income. The investment tax credit is intended to stimulate business investment, while the unified estate-and-gift tax credit is applied against the federal unified transfer tax.

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WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
JumpySubsequentDolphin
12:57
@SplitterusClitterus: THEY BETTER HAVE AN A WAVE TODAYYY
glovediedthisishismom
12:57
kendrick lamar
glovediedthisishismom
12:57
album
JumpySubsequentDolphin
12:57
I think usually they release at like 1ish?
JumpySubsequentDolphin
12:57
@glovediedthisishismom: GNXXXX
babycat
12:59
I heard if you apply YM at Brooklyn specifically it’s the equivalent of like a 5 LSAT point boost
HopefullyInLawSchool
13:00
^^^^This
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