The unified estate and gift tax credit exempts people with taxable estates under $11.7 million from paying any estate taxes at all. Should the exemption be set higher? Or lower?
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The unified estate and gift tax credit exempts people with taxable estates under $11.7 million from paying any estate taxes at all. Should the exemption be set higher? Or lower?
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- In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?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?
- 1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuitionAn individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
- You understand that, given a choice between a $1,000 tax deduction and a $1,000 tax credit, you would opt for the credit every time. But how about as be-tween above-the-line (“for AGI”) and below-the-line (“from AGI”) deductions? As between a $1,000 “for AGI” deduction and a $1,000 itemized / “from AGI” deduction, which would you generally prefer to have, and why?Which of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands of the beneficiary b. There is a lifetime contribution limit per beneficiary c. The federal government subsidizes the parents' deposits with a grant d. Deposits are not deductible, beneficiary's withdrawals are not taxableA resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
- Which of the following is true regarding Social Security benefits? a. Tax-exempt interest income must be included in the formula used to determine if Social Security is included in taxable income. b. Up to 100 percent of Social Security benefits received may be included in taxable income. c. The Social Security inclusion formula is the same amount for each filing status. d. Social Security benefits are always excluded because wages are subject to Social Security tax when earned.You already understand that, given a choice between a $1,000 tax deduction and a $1,000 tax credit, you would opt for the credit every time. But how about as be-tween above-the-line (“for AGI”) and below-the-line (“from AGI”) deductions? As between a $1,000 “for AGI” deduction and a $1,000 itemized / “from AGI” deduction, which would you generally prefer to have, and why? Note: As CPAs we’re big on time-efficiency, so we’re also big on acronyms. It takes way too long to say (or type) “adjusted gross income.” We prefer “AGI” instead.Which of the following is true regarding Social Security benefits? a.Up to 100 percent of Social Security benefits received may be included in taxable income. b.Social Security benefits are always excluded because wages are subject to Social Security tax when earned. c.The Social Security inclusion formula is the same amount for each filing status. d.Tax-exempt interest income must be included in the formula used to determine if Social Security is included in taxable income.
