FiCEP Final questions and answers guaranteed success

FiCEP Final questions and answers guaranteed success Select tthe tstatement tthat tcorrectly tdescribes ta tprogressive ttax. t- t t t tcorrect tanswer.A tprogressive ttax trequires tpeople tto tpay tmore tas tthey tearn tmore. Pick tthe tstatement tthat tbest tdescribes ta tregressive ttax. t- t t t tcorrect tanswer.A tregressive ttax tcharges tthe tsame ttax trate tregardless tof tthe ttaxpayer's tincome. Why tare tgovernment tfees tand tsurcharges tsometimes tdescribed tas ta tform tof ttax? t- t t t tcorrect tanswer.Because tthey tgenerate tincome tfor tthe tgovernment. Which ttaxing tauthorities tare tworthy tof tthe tmember's tattention? t- t t t tcorrect tanswer.The tmember tmust tattend tto tall ttax tauthorities tat tall tlevels tof tgovernment tto tmaintain ttheir tfinancial twell-being. How tdo ttaxes timpact tyour tpersonal tspending? t- t t t tcorrect tanswer.Taxes tcan tmake tpersonal tspending tgo tup tor tdown. Which tis tlarger: tthe tpenalty tfor tfailing tto tpay tfederal tincome ttaxes ton ttime, tor tthe tpenalty tfor tfailing tto tfile ta ttax treturn twhen ttaxes tare towed? t- t t t tcorrect tanswer.The tpenalty tfor tfailing tto tfile ta ttax treturn tis tsignificantly thigher. What tis tthe tright tattitude tto ttake ttoward ttaxes tto tprotect tyour tfinancial twell-being? t- t t t tcorrect tanswer.Taxes tare tan tessential tfinancial tresponsibility. When tis tthe tIRS tmost tlikely tto timpose tthe tmaximum tpenalty ton ttaxpayers? t- t t t tcorrect tanswer.When tthey tare tforced tto ttrack tdown tthe ttaxpayer. What tis ta tgood trule tto tfollow twhen tdealing twith ta ttax tauditor tor tanother tissue tinvolving tthe tIRS? t- t t t tcorrect tanswer.Never tassume tthe tIRS tis talways tcorrect. What tis tthe tfinancial tcounselor's trole tin taiding tmembers twith tcomplex ttax tissues? t- t t t tcorrect tanswer.The tcounselor tprovides tbasic tinformation tand trefers tmembers tto ttax tprograms tor ttax texperts. What thappens twhen ttaxpayers twho tfile ta tlate treturn tfor tany tor tall tof tthe t4 tmost trecent ttax tyears tare towed ta trefund? t- t t t tcorrect tanswer.No tpenalty tis tcharged tand tthe ttaxpayer tgets tthe tfull trefund tamount. What ttax tservices tare tprovided tby tthe tVolunteer tIncome tTax tAssistance t(VITA) tprogram? t- t t t tcorrect tanswer.Free ttax treturn tassistance tto tlow- tor tmoderate-income ttaxpayers. What tbenefit tis toffered twhen tVITA tservices tare tcombined twith tcredit tunion tprograms tthat tencourage ttaxpayers tto topen taccounts tfor tdirect tdeposit tof ttax trefunds? t- t t t tcorrect tanswer.Direct tdeposit treduces tthe ttime trequired tto tget ta trefund, twhich tcounters tthe tappeal tof trefund tanticipation tloans. What tis tthe tname tof tthe torganization tthat toffers tfree ttax tassistance tto ttaxpayers tage t60 tor tolder, tthose twith tdisabilities tor tspecial tneeds, tor twho tqualify tfor tearned tincome tor thomestead ttax tcredits? t- t t t tcorrect tanswer.Tax tCounseling tfor tthe tElderly t(TCE) What tpercent tof ttax tpayers tare teligible tto tuse tthe t"Free tFile tOnline" tservice toffered tas ta tpartnership tbetween tthe tIRS tand ttax tsoftware tcompanies? t- t t t tcorrect tanswer.70% tare teligible When tmembers tuse ttax trefunds tto tpay tdown tdebts, twhich tdebts tshould tbe tpaid tfirst? t- t t t tcorrect tanswer.Always tpay tthe tdebts twith thigh tinterest trates tor tthat tcould tprompt tgarnishments. How thave teducation, tinformation, tand tdirect tdeposit tprograms timpacted ttaxpayers' tuse tof trefund tanticipation tloans? t- t t t tcorrect tanswer.The tuse tof trefund tanticipation tloans tis tdecreasing. What trule tof tthumb tshould tbe tused twhen tdefining ttaxable tincome? t- t t t tcorrect tanswer.If tyou tbenefit tfinancially, tyou tare tlikely tto tbe ttaxed tfor tit. Which ttype tof tqualified tIRA twithdrawal tis texempt tfrom tincome ttax? t- t t t tcorrect tanswer.Roth tIRA twithdrawals tare texempt. How tdo tdifferent ttax tauthorities ttreat titems texcluded tfrom tfederal ttaxable tincome? t- t t t tcorrect tanswer.Exclusions tvary tfrom tstate tto tstate. What tis tthe tfirst tstep tfor teffectively tmanaging tincome ttaxes? t- t t t tcorrect tanswer.Determining tyour tfiling tstatus. What tshould tbe tthe tgoal tof tmanaging ta ttaxpayer's tincome ttax twithholding? t- t t t tcorrect tanswer.To tmaintain tcash tflow twhile tavoiding ta ttax tbill tat tfiling ttime. What thappens tto tyear-end tbalances t"left tover" tin tSection t125 tplans tor thealth tsavings taccounts t(HSAs)? t- t t t tcorrect tanswer.Section t125 tbalances tare tforfeited, twhile tHSA tbalances tare trolled tover How tmuch tcan ta tmember tin tthe t25% ttax tbracket tsave tin tfederal tincome ttaxes tby tdepositing tpre-tax tincome tinto ttax-deferred tretirement taccounts, tsuch tas ttraditional tIRAs? t- t t t tcorrect tanswer.One-fourth tof tthe tdeposit. Which tstatement taccurately tdescribes toptions tfor treducing tincome ttaxes? t- t t t tcorrect tanswer.Tax texemptions, tdeductions, tand tcredits tall thelp treduce tincome ttaxes. Which tgroup tof ttaxpayers tusually tqualifies tfor tthe tEarned tIncome tTax tCredit t(EITC)? t- t t t tcorrect tanswer.Low-income tfamilies twith tearned tincome tqualify tfor tthe tcredit. These tsix texpenses tare ttypically taccepted tby tthe tIRS tas titemized tdeductions: t- t t t tcorrect tanswer.Traditional tIRA tcontributions, talimony tpayments, treal testate ttaxes tpaid, tstate tand tlocal tincome ttaxes, tmortgage tinterest, tand tcasualty tand ttheft tlosses. What tis tthe tfirst tstep tfinancial tcounselors tcan ttake tto tdetermine twhether ta tmember tis tproperly tmanaging ttheir ttaxes? t- t t t tcorrect tanswer.Review tthe tmember's tpayroll tstub. What tis tthe tmeaning tof tthe tinsurance tpractice t"pooling tof trisks"? t- t t t tcorrect tanswer.Combining trisks tamong tinsurers tas twell tas tgroups tof tindividuals. What tis tan tinsurable tinterest? t- t t t tcorrect tanswer.The tpolicyholder's tmonetary tinterest tin tthe tinsured tproperty. From tthe tperspective tof tyour tfinancial twell-being, twhat tis tthe tbest tway tto tdecide twhether tor tnot tyou tshould tinsure ta tparticular titem? t- t t t tcorrect tanswer.Consider tthe trisk tto tyour tassets. Select tthe tcorrect tdescription tfor tthe t"elimination tperiod". t- t t t tcorrect tanswer.How tlong ta tperson tmust tbe tdisabled tbefore tthey tare teligible tfor tbenefits. When tdoes tWorkers' tcompensation tprovide tbenefits tto tworkers? t- t t t tcorrect tanswer.When tthe tworker thas ta twork-related tillness tor tinjury. In taddition tto tadministrative tcosts, tlitigation, tand tthird-party tpayments, twhat ttwo tfactors thave tsignificantly tcontributed tto trising thealth tinsurance tcosts? t- t t t tcorrect tanswer.The trising tcost tof tmedical ttechnology, tas twell tas tthe tfact tthat tpeople tare tliving tlonger. How tdid tthe tConsolidated tOmnibus tBudget tReconciliation tAct t(COBRA) tof t1985 timpact temployee thealth tbenefits? t- t t t tcorrect tanswer.It tgave temployees tthe tright tto tretain thealth tinsurance tafter ttheir tjob tends tby tpaying tthe tfull tpremium. If ta tmember tdecides tto tpurchase tlong-term tcare tinsurance, twhen tis tthe tbest ttime tto tobtain ta tpolicy? t- t t t tcorrect tanswer.Sign tup twhile tthey tare tstill tin tgood thealth tso tcarriers twill taccept tyou. Wh