EA Exam Part 1 UPDATED ACTUAL Questions and CORRECT
Answers
Social Security Income Phaseout lower<PI = 0%, lower<PI<upper=50%, upper<PI=85%
Single AGI: 25,000-34,000
Single AGI: MFJ AGI: 32,000-44,000
MFJ AGI: MFS AGI: 0-0
MFS AGI:
Lower of:
50% excess over BA or 50% SSA Income
HSA Contribution Limits Family: $7750
Single: $3850
Family Plan:
Single Plan:
Student Loan Interest Deduction Max Deduction: $2500
AGI Limit: $90,000
Max Deduction:
AGI Limit:
Active Rental Loss Limit Max Loss: $25,000
AGI Phaseout: $25,000-(50% x Excess AGI Over $100,000)
Max Loss:
AGI Phaseout:
Charitable Deduction Limits Cash: 60% AGI
Non-Cash: 30% AGI
Cash:
Non-Cash:
Casualty Loss Deduction Lower of Basis or Decrease in FMV
Less: (Insurance Settlement Payout)
Less: (Replacement Property)
Less: ($100)
Less: (10% of AGI)
Equals: Deduction
Loss is Capital
Goes on Schedule A
Traditional IRA Limits Contribution Limit: $6500 ($7500 over 50)
MFJ 2 Covered AGI: $116,000-$136,00
Contribution Limit: MFJ None Covered AGI: No Limit
, MFJ 2 Covered AGI: MFJ 1 Covered AGI: $218,000 - $228,000 (Non covered spouse only)
MFJ None Covered AGI:
MFJ 1 Covered AGI: Single uncovered AGI: No limit
Single covered AGI: $73,000-$83,000
Single uncovered AGI:
Single covered AGI:
Traditional IRA Penalties Undistributed RMD: 25% excise tax
Early Withdrawal: 10% Penalty
Undistributed RMD: Excess Contribution: 6% excise tax
Early Withdrawal:
Excess Contribution:
QBID SSTB: No QBID
SSTBs Specified Service Trade or Business Deduction: QBI: Not wages, foreign income, or dividends
QBI: If within ranges phaseout begins, if not they get 20% deduction:
Single AGI: $182,000-$232,100
Single AGI: MFJ AGI: $364,200-$464,200
MFJ AGI:
Deduction Amount: 20% x QBI
Deduction Amount: OR
20% x (taxable income-net capital gains)
Payroll Taxes Employee FICA: 7.65%
Med: 1.45% (unlimited)
Employee FICA: SSA: 6.2% (up to $160,200)
Med:
SSA: Employer FICA: 7.65%
Med: 1.45% (unlimited)
Employer FICA: SSA: 6.2% (up to $160,200)
Med:
SSA: Total: 15.3%
Total:
Additional Medicare Tax Single: income over $200,000 taxed at 0.9% (0.009)
MFJ: income over $250,000 taxed at 0.9% (0.009)
Single:
MFJ:
Charity Mileage Rate: 0.14/mile NOT 0.655/mile
Net Investment Income Tax NIIT Tax: Lower of NII or MAGI-Threshold taxed at 3.8%
Tax: AGI Threshold
MFS: $125,000
AGI Threshold Single/HOH: $200,000
MFS MFJ: $250,000
HOH:
Single:
MFJ:
Answers
Social Security Income Phaseout lower<PI = 0%, lower<PI<upper=50%, upper<PI=85%
Single AGI: 25,000-34,000
Single AGI: MFJ AGI: 32,000-44,000
MFJ AGI: MFS AGI: 0-0
MFS AGI:
Lower of:
50% excess over BA or 50% SSA Income
HSA Contribution Limits Family: $7750
Single: $3850
Family Plan:
Single Plan:
Student Loan Interest Deduction Max Deduction: $2500
AGI Limit: $90,000
Max Deduction:
AGI Limit:
Active Rental Loss Limit Max Loss: $25,000
AGI Phaseout: $25,000-(50% x Excess AGI Over $100,000)
Max Loss:
AGI Phaseout:
Charitable Deduction Limits Cash: 60% AGI
Non-Cash: 30% AGI
Cash:
Non-Cash:
Casualty Loss Deduction Lower of Basis or Decrease in FMV
Less: (Insurance Settlement Payout)
Less: (Replacement Property)
Less: ($100)
Less: (10% of AGI)
Equals: Deduction
Loss is Capital
Goes on Schedule A
Traditional IRA Limits Contribution Limit: $6500 ($7500 over 50)
MFJ 2 Covered AGI: $116,000-$136,00
Contribution Limit: MFJ None Covered AGI: No Limit
, MFJ 2 Covered AGI: MFJ 1 Covered AGI: $218,000 - $228,000 (Non covered spouse only)
MFJ None Covered AGI:
MFJ 1 Covered AGI: Single uncovered AGI: No limit
Single covered AGI: $73,000-$83,000
Single uncovered AGI:
Single covered AGI:
Traditional IRA Penalties Undistributed RMD: 25% excise tax
Early Withdrawal: 10% Penalty
Undistributed RMD: Excess Contribution: 6% excise tax
Early Withdrawal:
Excess Contribution:
QBID SSTB: No QBID
SSTBs Specified Service Trade or Business Deduction: QBI: Not wages, foreign income, or dividends
QBI: If within ranges phaseout begins, if not they get 20% deduction:
Single AGI: $182,000-$232,100
Single AGI: MFJ AGI: $364,200-$464,200
MFJ AGI:
Deduction Amount: 20% x QBI
Deduction Amount: OR
20% x (taxable income-net capital gains)
Payroll Taxes Employee FICA: 7.65%
Med: 1.45% (unlimited)
Employee FICA: SSA: 6.2% (up to $160,200)
Med:
SSA: Employer FICA: 7.65%
Med: 1.45% (unlimited)
Employer FICA: SSA: 6.2% (up to $160,200)
Med:
SSA: Total: 15.3%
Total:
Additional Medicare Tax Single: income over $200,000 taxed at 0.9% (0.009)
MFJ: income over $250,000 taxed at 0.9% (0.009)
Single:
MFJ:
Charity Mileage Rate: 0.14/mile NOT 0.655/mile
Net Investment Income Tax NIIT Tax: Lower of NII or MAGI-Threshold taxed at 3.8%
Tax: AGI Threshold
MFS: $125,000
AGI Threshold Single/HOH: $200,000
MFS MFJ: $250,000
HOH:
Single:
MFJ:
