V3 Which of the following is TRUE regarding unemployment insurance?O The federal government mandates that all 50 states administer the program.O The federal government mandates the benefit levels of the program.O Benefits are automatically provided to all eligible workers.O It is used to compensate only workers whose jobs are moved overseas.

The government of the United States gives many benefits to their country's people, such as homes,…

Answered: Which of the following is TRUE…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 4MCQ: Which of the following is true about the self-employed health insurance deduction? The deduction can...

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Similar questions

1. What tax is used by the federal government to provide unemployment compensation to individuals who are out of work? Answer: A. FUTA B. SUTA C. Medicare D. Social Security 2. When completing Form 1096, the maximum number of types of Form 1099 that may be selected is _____. Answer: A. 1 B. 2 C. 3 D. 4 3. What is the FUTA tax rate in a state that has a 1.5% credit reduction? Answer: A. 1.2% B. 1.5% C. 2.1% D. 2.7%
Besides FICA, FUTA and state unemployment taxes, what items may an employer pay on behalf of its employees.
Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.
Which of the following is not a requirement to receive the premium tax credit for health care? Health care through the employer is not available Health insurance is purchased through the state or federal exchange Income must be no greater than 200 percent of the federal poverty line The taxpayer cannot be claimed as a dependent
What portions of an employees take-home pay are exempt from a federal tax levy?
1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…
The Employee Retirement Income Security Act (ERISA) was established to provide: Question 16 options: a) funding for retirement plans. b) mandatory retirement plans for self-employed individuals. c) protection to employees participating in private employer retirement plans. d) individual trust funds for employees retiring from jobs in the federal government. e) the ability to retain the same retirement insurance when employees change employers.
Which of the following payments will be subject to Canada Pension Plan contributions? A lump sum payment of accumulated sick leave credits owing to a deceased employee A lump sum payment to an injured employee to cover living expenses while waiting for Workers' Compensation benefits A lump sum severance payment paid with an employee's final pay A lump sum death benefit payment to an employee's surviving spouse
1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5
Medicaid is provided to certain individuals and families with low income or resources. Which of the following items is not counted towards the income requirements? a. Housing assistance provided by the federal government O b. Social Security benefits O c. Pension Income O d. Veteran's benefits provided by the federal government.
Indicate which federal department or agency would be responsible in the following scenarios: a. An employee wants to retire and apply for Canada Pension Plan benefit b. The new type of earning introduced in the company but not sure if it is insurable -
Do you agree on this ? " True or False. When calculating the Canada/Québec Pension Plan contribution on a non-regular payment, paid separately from the employee’s regular salary or wages, the pay period exemption must be applied to the payment." Explain with applicable rules."

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