FiCEP Final : CUNA Review Study Guide with Complete Solutions
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Course
Ficep
Institution
Ficep
FiCEP Final : CUNA Review Study Guide
with Complete Solutions
Select the statement that correctly describes a progressive tax. - Answer️️ -A
progressive tax requires people to pay more as they earn more.
Pick the statement that best describes a regressive tax. - Answer️️ -A regressive t...
Answer✔️✔️-Always pay the debts with high interest rates or that could prompt
garnishments.
How have education, information, and direct deposit programs impacted taxpayers' use
of refund anticipation loans? - Answer✔️✔️-The use of refund anticipation loans is
decreasing.
What rule of thumb should be used when defining taxable income? - Answer✔️✔️-If you
benefit financially, you are likely to be taxed for it.
Which type of qualified IRA withdrawal is exempt from income tax? - Answer✔️✔️-Roth
IRA withdrawals are exempt.
How do different tax authorities treat items excluded from federal taxable income? -
Answer✔️✔️-Exclusions vary from state to state.
What is the first step for effectively managing income taxes? - Answer✔️✔️-Determining
your filing status.
What should be the goal of managing a taxpayer's income tax withholding? -
Answer✔️✔️-To maintain cash flow while avoiding a tax bill at filing time.
What happens to year-end balances "left over" in Section 125 plans or health savings
accounts (HSAs)? - Answer✔️✔️-Section 125 balances are forfeited, while HSA balances
are rolled over
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