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Marci has two jobs and both employers withheld FICA tax




Question;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.Only a. and c.


Paper#44814 | Written in 18-Jul-2015

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