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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I. Define: a. Minimum wage b. E.O. 226 c. BMBE Law d. CDA e. Tax law vs gaap f. Statutes and Presidential Decrees g. Judicial Decision or case laws h. Local Ordinances i. Ad Valorem j. Sin Taxes
Please answer these parts with the same information. 1. Allowable deduction on medical and dental expenses: 2. Allowable deduction on taxes they paid 3. Allowable deduction on Interest paid 4. Allowable deduction on Gift to Charity 5. Allowable miscellaneous deductions
Task 3. Under the provision of ITO, 2001 list down the person required to file income tax return and what Are the due dates of filing if income tax returns?
Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. В. O 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. С. O 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. O 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax.
Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False
Personal expenses are deductions: a. for AGI b. always deductible. c. Deductions from AGI d. non of the above.
Using the Code Arranged Annotations & Explanations (USTR) Topic Index, the child tax credit can be found in A. Section 24(a) B. Section 179A C. Section 30B D. None of the above
10. FICA deduction consists of Medicaid and Social Security Medicare and Social Security pension and Medicare income tax and health insurance
Question 5 The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) of preretirement income for low-income retirees than for high-income retirees equal percentage O larger percentage smaller percentage equal amount
all of the following are employer payroll taxes except what
A4
Which of the following should be included in gross income? A. Interest from a educational savings bond used for tuition B. Interest from a corporate bond C. Interest from a state of lowa bond D. Interst from a local school bond

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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