ch 3 pf
In 2017, the U.S. federal tax tables included tax rates of
10%, 15%, 25%, 28%, 33%, 35%, 39.6%
Which of the following is NOT a valid form for filing federal income taxes?
1040Z
The maximum that an individual can contribute to a Coverdell Education Savings Account each year is
2,000
The maximum that an individual can contribute to a Keogh plan for the 2017 year is
25% of annual income, up to a maximum of $54,000
In 2017, taxable income was reduced by ______ for each exemption claimed.
4,050
The maximum that an individual can contribute to a Roth IRA for the 2017 year is
5,500
Up to how many years could you be held responsible for providing back documentation?
6 years
Tax assistance sources include all of the following except
All of these are tax assistance sources
Fees, tips, and bonuses are forms of
Earned Income
When Paul completes his taxes, he can include all of the following as exemptions except
His 20-year-old son who is working full-time and living in an apartment.
At the end of the year, employees receive a ____ form that reports annual earnings and the amounts deducted for taxes from their employers.
W-2
Individuals can file their federal taxes using all of the following except
deliver in person
A tax imposed on the value of a person's property at the time of death is called a(n)
estate tax
The amount levied on the value of property bequeathed by a deceased person is
inheritance tax
The rate used to calculate the tax due on the next dollar of income is referred to as the
marginal tax rate
Taxpayers over 65 can only deduct expenses that are greater than 7.5% of adjusted gross income for
medical and dental expenses