SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
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Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question 31 options: A) Medicaid B) Social Security C) Medicare D) 401(k) retirement plan
Contributions to a Traditional IRA may be tax-deductible depending on the taxpayer's income, tax - filling status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement. 3. Discuss the role of Social
Security benefits in a retirement plan by addressing the following: a. Purpose: describe the difference between FICA and Medicare. Next, indicate how each af these benefits are funded (i.e. emplayee, employer, or bath). b. Eligibility: summarize
the eligibility requirements for collecting Social Security. c. Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If
you would delay, indicate the age you would select and provide your rationale. d. Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a…
Explain and what is the calculation of the following.
Tax rates (formula)
HELP repayment amount
Medicare Levy
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- 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…arrow_forwardExplain and what is the calculation of the following. Medicare Levy Surcharge Total Tax Liability Net tax liability(total tax liability less any applicable tax offset if any)arrow_forwardWhich of the following taxes has a ceiling? Choose the best answer. Group of answer choices Both Social Security Tax and Unemployment Tax Social Security Tax Unemployment Tax Medicare Taxarrow_forward
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- Permanent adjustments on Schedule M-1 (Form 1065) include: Premiums paid for life insurance policies on key employees, lobbying expenses, and tax exempt interest. Start up costs, depletion, and inventory costs. Section 179 expensing, uniform capitalization adjustments, and expenses related to tax exempt income. Depreciation, amortization, and depletion.arrow_forwardWhich of the following is a deductible California expense subject to a 2% of adjusted gross income limitation? Adoption-related expense. Casualty and theft losses. Gambling losses. Tax preparation fees.arrow_forwardWhich of the following statements about credits is false? A. Credits reduce a taxpayer's liability dollar for dollar. B. Not all credits are refundable. C. The CARES Act stimulus payments were advance credits for 2020. D.Nonrefundable credits are limited to the tax balance due.arrow_forward
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