1. Marci has two jobs and both employers withheld FICA tax. From her first job, she earned $98,600 and from her second job she earned $13,700. How much can Marci claim on her Form 1040 as excess social security tax paid in 2012? (Points : 1)
$0.
$44.94.
$74.40.
$92.40.
Question 2. 2. In order to obtain and retain qualified status, a pension or profit-sharing plan must not discriminate in favor of highly compensated employees which include: (Points : 1)
Employees who own more than 5% of the corporation’s stock.
Employees who received over $85,000 compensation in the previous year.
Employees who were in the top 25% of employees based on compensation.
None of the above.
Question 3. 3. Which of the following statements is not true regarding the credit for the elderly or the disabled? (Points : 1)
Taxpayer may not have earned income.
Taxpayer may receive social security benefits.
Taxpayer must be over age 65.
Taxpayer must be retired or on permanent and total disability.
Question 4. 4. Which of the following statements is correct? (Points : 1)
In part, Congress established pension plan rules to encourage individuals to save for retirement.
Retirement plans are generally not tax-free, only tax-deferred.
Individuals or companies usually establish a pension plan with a trustee.
All of the statements are correct.
Question 5. 5. Employees claim withholding allowances on Form W-4. For each withholding allowance claimed, their withholding base is reduced by what amount for calendar year 2012? (Points : 1)
$3,650.
$3,700.
$3,750.
$3,800.
Question 6. 6. Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph’s lifetime learning credit without regard to AGI limitations or other credits? (Points : 1)
$250.
$350.
$825.
$1,750.
Question 7. 7. Which of the following statements is not true with regard to the child and dependent care expense credit? (Points : 1)
The maximum amount of expenses for one dependent is $3,000.
Married taxpayers must file joint returns.
A non-working spouse attending school full-time is deemed to have earned income of $250 per month for one qualifying person.
The maximum amount of expenses for two or more dependents is $6,000.
Question 8. 8. Ladaris has two jobs. She earned $112,000 from her first job and $10,000 from her second job. How much total FICA taxes will Ladaris have withheld from her wages from working two jobs? (Points : 1)
$6,248.20
$6,785.65.
$6,813.20.
$6,893.00.
Question 9. 9. In a large food or beverage establishment, on what form or schedule is any tip shortfall from a directly tipped employee recorded? (Points : 1)
Form 4070.
Form 8027.
Form 8109.
Schedule C.
Question 10. 10. What are some tax consequences related to a qualified pension plan? (Points : 1)
Employer contributions are deductible when made.
Earnings on the contributions are taxable to the employee.
Employees are not taxed until distributions are received from the plan.
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