Elaine is a single taxpayer in the 33 tax bracket. elaine, Ask an Expert

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Elaine is a single taxpayer in the 33% tax bracket. Elaine wants to minimize her 2013 tax liability. Which of the following provides the LARGEST tax benefit to Elaine (assume that she may legally take advantage of each item in its entirety for 2013)?

a. A $5,000 exclusion from gross income.

b. A $5,000 deduction from gross income.

c. A $1,500 tax credit.

d. Options "a" and "b" would provide the largest tax benefits.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941561

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