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