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

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

What is the tax rate range for Social Security benefits received? How is the deductible amount of personal property tax figured for personal vehicles? Remember, the tax must be calculated based on the vehicle’s value (not its weight) in order to be deducted.  Are donations of time and services deductible? What types of state and local taxes are deductible as itemized deductions on Schedule A?

B11. The amount in Box 1 of Form W-2 for taxable wages will always equal the amount in Box 3 of Form W-2 for Social Security wages.   True   False

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

Explain the differences between something being tax-deferred or tax-exempt. Which retirement plan, that we discussed, is tax-exempt?

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.