Which one of the following statements about the premium tax credit is FALSE? Select the correct answer. O A. Consumers who are eligible for and receive advance payments of premium tax credit don't have to file federal income taxes at the end of the coverage year. O B. Consumers may choose to purchase a qualified health plan through a Marketplace without advance payments of the premium tax credit and then wait to apply for the premium tax credit when they file their federal income tax returns. OC. Consumers should be made aware of price differences between qualified health plans and how their eligibility for advance payments of the premium tax credit will help lower their monthly premium costs. OD. If consumers who are eligible for a premium tax credit choose to take some or all of it in advance, the advance payment will be sent directly to the health insurance company that operates their chosen qualified health plan.

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1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer:   A.    Medicare     B.    Group-term life insurance     C.    Medical care reimbursements     D.    Adoption assistance   2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period.    3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer:   A.    55     B.    62     C.    65     D.    70

The sole purpose of Social Security taxes is to provide retirement benefits to employees. True False   The Social Security wage base for 2019 is $132,900. True False   Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. True False   Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. True False   The income threshold for Medicare tax indicates the income level above which no Medicare taxes are levied. True False   Employees are required to contribute toward the purchase of disability insurance in all 50 states. True False   The contribution limit for a SIMPLE IRA is lower than that for a 401(k) or 403(b). True False   ERISA is a set of regulations that dictate the manner in which a cafeteria plan may be administered. True False   Flexible spending accounts contain a use it or lose it feature that, although…

2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.

For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.

The definition of qualified child for the Child Tax Credit is the same as the General Definition of a Qualified Child EXCEPT FOR, which of the following (more than one may apply)   Select one or more: a. A full-time student over the age of 17 but less than 24 is not eligible to be claimed for the Child Tax Credit.   b. A qualified child must be under 17 for the Child Tax Credit c. A qualified child cannot be claimed for the Child Tax Credit with only an ITIN (Taxpayer Identification)   d. A sister or brother is not eligible for the Child Tax Credit e. A disabled person who is over age 17 is not eligible to be claimed for the Child Tax Credit

Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct.           Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019? a.$24,400 b.$19,600 c.$12,200 d.$18,350 e.None of these choices are correct.       Which of the following is not a capital asset? a.Stocks b.Land c.Gold d.A personal automobile e.Inventory

Enzo is preparing a client's return. The taxpayer is claiming the Earned Income Credit (EIC), Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), and the American Opportunity Tax Credit (AOTC). Which of the following best describes the actions Enzo must take to substantiate the taxpayer's eligibility for the credits?

Which of the following statements is correct? Multiple Choice Taxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit. The premium tax credit is only available when the taxpayer files his or her tax return. The premium tax credit is available only for premium health insurance programs. Taxpayers who receive a credit are not required to file a federal tax return.