Of the following statements about medical expenses, which one is correct?

Question

Quizplus · Accepted Answer

Only medical expenses that exceed a certain percentage of the taxpayer's net income are eligible for a tax credit. This is referred to as the "threshold amount," and it varies based on the taxpayer's age and income level. The amount of the tax credit is not dependent on the taxpayer's marginal tax rate. Taxpayers can claim medical expenses for themselves, their spouse or common-law partner, and any dependent children under the age of 18. Expenses can be claimed for any 12-month period ending in the taxation year, not necessarily the same calendar year.

Of the Following Statements About Medical Expenses, Which One Is