UGBA 196 - Assignment 3
Most of the taxes the federal government collects comes from - correct answer individual taxpayers
employers withhold from employees paychecks the following - correct answer -social security
-less federal taxes if you declare more exemptions
-medicare
for tax purposes a dependent may be any of the following - correct answer -your mother who lives in
your home
-your children
-your spouse
earned income includes all the following - correct answer commissions
salaries
wages
earned income does not include - correct answer insurance proceeds
which of the following is not deductible on schedule a form 1040 - correct answer credit card interest
which form will your employer require you to complete upon hiring - correct answer w-4
which of the following is not a filing status for federal taxes - correct answer student filing separately
which of the following sources of income is not taxable? - correct answer child support
qualified stock dividends are taxed at a maximum rate of - correct answer 20%
, non-qualified dividends are taxed at a maximum rate of - correct answer 39.6%
interest is taxed at a maximum rate of - correct answer 39.6%
short term capital gains are taxed at a maximum rate of - correct answer 39.6%
long term capital gains are taxed at a maximum rate of - correct answer 20%
losses in excess of gains in any one year can be used to reduce taxable income up to - correct answer
$3000
adjusted gross income is what you get after subtracting from total income, specific deductions except -
correct answer charitable deductions
if you have $14000 of short term capital gains and $7500 of short term capital losses in the same year
how much will be taxable to you? - correct answer $6,500
the wash sale rule is designed to - correct answer disallow certain losses in the trading of securities
if you buy 200 shares of stock in a taxable account for $22,500 on oct 1st, sell them for $18,000 on oct
12, and buy back 200 shares of the same stock on oct 28 for $19,000 what would be your reportable tax
loss - correct answer nothing
when itemizing tax deduction - correct answer -total deductions may be reduced for high income earners
-proof may be required by IRS
-itemize your total deductions if they exceed standard deduction
common tax credits - correct answer are worth more than tax deductions
Most of the taxes the federal government collects comes from - correct answer individual taxpayers
employers withhold from employees paychecks the following - correct answer -social security
-less federal taxes if you declare more exemptions
-medicare
for tax purposes a dependent may be any of the following - correct answer -your mother who lives in
your home
-your children
-your spouse
earned income includes all the following - correct answer commissions
salaries
wages
earned income does not include - correct answer insurance proceeds
which of the following is not deductible on schedule a form 1040 - correct answer credit card interest
which form will your employer require you to complete upon hiring - correct answer w-4
which of the following is not a filing status for federal taxes - correct answer student filing separately
which of the following sources of income is not taxable? - correct answer child support
qualified stock dividends are taxed at a maximum rate of - correct answer 20%
, non-qualified dividends are taxed at a maximum rate of - correct answer 39.6%
interest is taxed at a maximum rate of - correct answer 39.6%
short term capital gains are taxed at a maximum rate of - correct answer 39.6%
long term capital gains are taxed at a maximum rate of - correct answer 20%
losses in excess of gains in any one year can be used to reduce taxable income up to - correct answer
$3000
adjusted gross income is what you get after subtracting from total income, specific deductions except -
correct answer charitable deductions
if you have $14000 of short term capital gains and $7500 of short term capital losses in the same year
how much will be taxable to you? - correct answer $6,500
the wash sale rule is designed to - correct answer disallow certain losses in the trading of securities
if you buy 200 shares of stock in a taxable account for $22,500 on oct 1st, sell them for $18,000 on oct
12, and buy back 200 shares of the same stock on oct 28 for $19,000 what would be your reportable tax
loss - correct answer nothing
when itemizing tax deduction - correct answer -total deductions may be reduced for high income earners
-proof may be required by IRS
-itemize your total deductions if they exceed standard deduction
common tax credits - correct answer are worth more than tax deductions
