Tax Preparation Quiz 3
Your quiz has been submitted successfully.
Question 1 points
For 2019, the maximum amount a taxpayer can contribute to a qualified tuition program (Section 529
Plan) without incurring gift tax is
Question options:
a) $10,000.
b) $15,000.
c) $26,000.
d) $5,000.
points
Which of the following would not be taxable?
Question options:
a) New car won from a raffle ticket
b) Lottery winnings
c) Employee achievement award of $5,000 in cash
d) Employee length of service award, such as a $300 watch
points
Which of the following types of dividends are paid from a corporation's accumulated earnings and
profits?
Question options:
a) Capital gain distributions
b) Nontaxable distributions that are a return of your investment
c) Ordinary dividends
,d) Cash and noncash liquidation distributions
points
In 2019, a single taxpayer who receives $1,000 in qualified corporate dividends and whose highest
bracket is 12 percent will pay what tax rate on his qualified corporate dividends?
Question options:
a) 15 percent
b) 25 percent
c) 0 percent
d) 10 percent
points
Which of the following items are reported in Box 12 of an employee's Form W-2?
Question options:
a) Excess golden parachute payments
b) Moving expense reimbursements
c) Employer-financed adoption benefits
d) All of the above
points
Cory received $10,000 in disability benefits in 2019 from a disability plan he contributed to with after-tax
dollars. He is single, and his taxable income for 2019 is $45,000, including his disability income. What is
the maximum tax bracket at which the disability benefits could be taxed?
Question options:
a) 0 percent
b) 10 percent
Your quiz has been submitted successfully.
Question 1 points
For 2019, the maximum amount a taxpayer can contribute to a qualified tuition program (Section 529
Plan) without incurring gift tax is
Question options:
a) $10,000.
b) $15,000.
c) $26,000.
d) $5,000.
points
Which of the following would not be taxable?
Question options:
a) New car won from a raffle ticket
b) Lottery winnings
c) Employee achievement award of $5,000 in cash
d) Employee length of service award, such as a $300 watch
points
Which of the following types of dividends are paid from a corporation's accumulated earnings and
profits?
Question options:
a) Capital gain distributions
b) Nontaxable distributions that are a return of your investment
c) Ordinary dividends
,d) Cash and noncash liquidation distributions
points
In 2019, a single taxpayer who receives $1,000 in qualified corporate dividends and whose highest
bracket is 12 percent will pay what tax rate on his qualified corporate dividends?
Question options:
a) 15 percent
b) 25 percent
c) 0 percent
d) 10 percent
points
Which of the following items are reported in Box 12 of an employee's Form W-2?
Question options:
a) Excess golden parachute payments
b) Moving expense reimbursements
c) Employer-financed adoption benefits
d) All of the above
points
Cory received $10,000 in disability benefits in 2019 from a disability plan he contributed to with after-tax
dollars. He is single, and his taxable income for 2019 is $45,000, including his disability income. What is
the maximum tax bracket at which the disability benefits could be taxed?
Question options:
a) 0 percent
b) 10 percent
