Question 3: Which of the following is taxable for Social Security tax?Answer:А.O Contributions to a 403(b) planВ.O Contributions to a flexible spending accountС.O Contributions to a dependent care flexible spending accountD.O Contributions to a cafeteria plan

Social Security taxes fund the retirement, disability, and survivor ship (benefits paid to a…

Answered: Question 3: Which of the following is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Page 3 of 4 I. TAXABLE OR NON-TAXABLE INCOME Put a CHECK MARK on the appropriate column. If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided. If TAXABLE, how much is the taxable amount FOR THE YEAR? BENEFIT PURELY NON- TAXABLE TAXABLE 1. Laundry allowance amounting to P 4,500 a year 2. Uniform allowance amounting to P6,500 a year 3. Gifts given during Christmas amounting to P8,000. 4. One sack of rice (50 kg) each month. The rice is valued at P50.00 per kilo. 5. A one-time actual medical assistance amounting to P 25,000.00 was received during the year. IV. PROBLEM SOLVING Solve the following problems. Write your final answer on the space provided. Present your solution at the back page or attach a separate sheet if necessary. ANSWER QUESTION Leah sells gadgets. She is given 13% 0omm 1
Question 7: Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. Answer: А. True В. False
Question 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).
Taxpayers report taxable rental income and all deductible rental expenses on schedule c (form 1040) profit or loss from business. True or False
s
5. What type of tax goes to help pay for medical care of people over 65 years old? a. Income tax b. Property tax c. Sales Tax d. Social Security tax e. Medicare tax 6. What type of tax takes a percentage of the money you make on a job? a. Income tax b. Property tax c. Sales Tax d. Social Security tax e. Medicare tax 7. What type of tax goes to help pay for retirement? a. Income tax b. Property tax c. Sales Tax d. Social Security tax e. Medicare tax 8. True or False: Businesses don't have to pay any taxes in the United States. a. TRUE b. FALSE 9. According to the article, where does the United States rank worldwide in highest income taxes? a. 1st b. 7th c. 25th d. 100th e. 150th 10. What is the name of the agency that collects taxes in the United States? a. Secret Service b. Federal Bureau of Investigation c. Internal Revenue Service d. Department of Energy e. Department of the Interior
Which is used by the government to determine eligibility for the Federal GST/HST credit payment? A Total income В Net income Taxable income Net federal tax payable
What type of defined contribution plan allows participants to contribute after-tax amounts to their retirement account? Select one: a. Roth 401(k) b. 403(b) c. 401(k) d. 457
Which of the following may be ordinary income? Salary Government pension Lottery winnings Rent from an investment property a. 1, 2, and 4 only b. 1 only c. 1 and 2 only d. 1, 2, 3, and 4
In a Traditional IRA or 401(k): O A. Contributions are tax deductible B. Withdrawals in retirement are taxable OC. Neither A nor B O D. Both A & B
Which of the following items IS included in gross income? O Municipal bond interest O Unemployment compensation received Scholarship for tuition and books O Inherited property
Question 12: In general, when the number of withholding allowances increases for an employee who has completed a pre-2020 Form W-4, the federal income tax withholding Answer: A. decreases В. increases also C. is not affected D. decreases for some and increases for others

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Question 3: Which of the following is taxable for Social Security tax? Answer: A. O Contributions to a 403(b) plan В. O Contributions to a flexible spending account C. O Contributions to a dependent care flexible spending account D. O Contributions to a cafeteria plan