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Question

a taxpayer, who is in the 10% tax bracket, received a tax credit of $2,000 for their child who is 12 years old. how much is an equivalent deduction?

Answer

If a taxpayer in the 10% tax bracket claims a $2,000 tax credit for their 12-year-old child, they would receive a deduction equivalent to $20,000. To calculate this deduction, we use the formula Deduction = Tax credit / Tax rate, and since the tax rate is 0.10 for this taxpayer, the deduction would be $2,000 divided by 0.10, resulting in $20,000. Thus, the taxpayer would receive an equivalent deduction of $20,000 for the given tax credit of $2,000 for their child. For further information on equivalent deductions, please visit this website: brainly.com/question/30526657# #SPJ11.