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10 Cards in this Set

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  • Back
True or False: Capital gain distributions received from mutual funds are taxed at a maximum rate of 10% for ALL taxpayers.
False
Assuming it does not fall on a Saturday, Sunday, or legal holiday, what is the due date for the final estimated tax payment for 2005?
January 15, 2006
Which on of the following types of income is considered compensation for purposes of contributing to an IRA? You may assume that none of the items constitutes self-employment income for the taxpayer in question.
a) Alimony
b) Unemployment compensation
c) Gambling winnings
d) Capital gains
a) Alimony
Which tax form is used to specify to an employer the number of allowances on which to base the employee's federal income tax withholding?
Form W-4
Interest from which of the following sources of income is not taxable on the federal return?
a) Certificates of deposit
b) Municipal bonds
c) U.S. Savings Bonds
d) Savings accounts
b) Municipal bonds
True or False: Employer's matching contributions to an employee's 401(k) plan qualify an eligible taxpayer for the saver's credit.
False
A single taxpayer wishes to open his first taditional IRA and make a contribution for 2004. His wages were his only compensation. What is his max. allowable contribution if:
a) The taxpayer is 44 years old and earned $50,000 wages?
b) The taxpayer is 54 years old and earned $50,000 wages?
c) The taxpayer is 64 years old and earned $1,000 wages?
d) The taxpayer is 74 years old and earned $1,000 wages?
a) The taxpayer is 44 years old and earned $50,000 wages? $3,000
b) The taxpayer is 54 years old and earned $50,000 wages? $3,500
c) The taxpayer is 64 years old and earned $1,000 wages? $1,000
d) The taxpayer is 74 years old and earned $1,000 wages? $0
If a divorce decree calls for the taxpayer to make periodic payments to his former spouse, but does not identify the payment as either alimony or child support, which are they generally considered to be?
Alimony
Which one of the following types of income is NOT taxable on the federal return?
a) Gross hobby income
b) Lottery winnings
c) Jury duty pay
d) Welfare benefits
d) Welfare benefits
Individuals who expect to owe $_______ or more (after withholding and certain credits) generally must make estimated tax payments?
$1,000