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Tax credits on tax return

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a. Victoria has a marginal tax rate 33%. She realizes that she neglected to include a $5,450 tax deduction. If she includes this $5,450 tax deduction on her tax return, how will this affect her taxes. (show your calculations)

b. If she had forgotten a $5,450 tax credits (i.e.., children's arts amount and adoption expenses), instead of $5,450 tax deduction, how would her taxes be affected if she were to include these tax credits on her tax return. (show your calculations) You should assume the year 2017

Reference no: EM132473685

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