Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
45 Cards in this Set
- Front
- Back
|
In a general partnership , income is only taxed ______ |
Once |
|
|
When you sell your house, $_______ is excluded from taxes.
If filing a joint return $_______ is excluded |
$250,000 for single return $500,000 for joint return |
|
|
Contributions to a 403(b) are done in ____ tax dollars |
Pre tax |
|
|
All distributions from a 403(b) are taxed as _____ income |
Ordinary |
|
|
457 plans are tax ____ |
Deferred |
|
|
A |
B |
|
|
S corps and general partners allow for a _____ of losses |
Flow through |
|
|
Give two examples of earned income |
Wages Tips Net earnings from self employment |
|
|
Give two examples of passive income |
Unemployment
Child support |
|
|
Give two examples of passive income |
Unemployment Alimony Child support |
|
|
Which has a higher annual contribution limit. 529s or ESAs |
529.... ESA max contribution is 2k |
|
|
404(b) |
Retirement assets need to be held in the US |
|
|
C corporation disadvantage |
Double taxation
The corporation and the shareholders pay taxes on income |
|
|
C corporation disadvantage |
Double taxation
The corporation and the shareholders pay taxes on income |
|
|
C Corp advantage |
Limited liability |
|
|
The benefit of an irrevocable trust is that assets will be ______ from the donors estate |
Excluded |
|
|
S corps can be taxed like _____ |
Partnerships |
|
|
Remember: if they make a lot of money ____ bonds are usually a good choice
Potentially provides them w tax relief |
Muni bonds |
|
|
When a grantor wants to remove their assets from heir estate which type of trust is best to recommend |
Irrevocable trust |
|
|
Remember: if they make a lot of money ____ bonds are usually a good choice
Potentially provides them w tax relief |
Muni bonds |
|
|
When a grantor wants to remove their assets from heir estate which type of trust is best to recommend |
Irrevocable trust |
|
|
A ________ trust removes assets from the grantors estate |
Irrevocable |
|
|
In a ______ trust all the income produced by the trust must be included in the grantors tax returns |
Revocable |
|
|
A _________ purchase plan requires an employer to make a fixed annual contribution regardless of cash flow |
Money purchase plan |
|
|
A _________ purchase plan requires an employer to make a fixed annual contribution regardless of cash flow |
Money purchase plan |
|
|
A ______ plan does not require the employer to make a fixed annual contribution |
SEP |
|
|
A ________ partnership dissolves when the owner dies |
General |
|
|
In an S Corp, owners are _____ liable for any of the companies debts |
Not liable |
|
|
A custodian has more control over the investments in a 529 or ESA? |
ESA |
|
|
Speculation involves a high degree of ____ and volatility |
Risk |
|
|
__________ are one of the easiest business entities to perform |
Partnerships |
|
|
S Corp's _____ from corporate taxation and the investor gets taxed as a capital gain |
Exempt |
|
|
S Corp's _____ from corporate taxation and the investor gets taxed as a capital gain |
Exempt |
|
|
To find after tax return you multiply the _____ by (1-_____) |
Multiply the yield by 1 - tax bracket |
|
|
Income statement contains |
Expenses |
|
|
Income statement contains |
Expenses, sales (revenues), taxes |
|
|
Balance sheet |
Liabilities, net worth |
|
|
A |
B |
|
|
Child support is _____ to the recipient |
Tax free |
|
|
Alimony payments are ______ to the recipient |
Taxable |
|
|
Alimony payments are ______ to the recipient |
Taxable |
|
|
Alimony payments are ________ to the payor |
Tax deductible |
|
|
Alimony payments are ______ to the recipient |
Taxable |
|
|
Alimony payments are ________ to the payor |
Tax deductible |
|
|
Child support is not ________ to the payor |
Tax deductible |
