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UGBA 196 - Assignment 3 With Complete Answers 2024.
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UGBA 196 - Assignment 3 With Complete Answers 2024.Most of the taxes the federal government collects comes from - correct answer individual taxpayers employers withhold from employees paychecks the following - correct answer -social security -less federal taxes if you declare more exemptions -...

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  • April 23, 2024
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  • 2023/2024
  • Exam (elaborations)
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  • ugba 196 assignment 3
  • ugba 196 assignment 3 with complete answers 2024

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UGBA 196 - Assignment 3

Most of the taxes the federal government collects comes from - correct answer individual taxpayers



employers withhold from employees paychecks the following - correct answer -social security

-less federal taxes if you declare more exemptions

-medicare



for tax purposes a dependent may be any of the following - correct answer -your mother who lives in
your home

-your children

-your spouse



earned income includes all the following - correct answer commissions

salaries

wages



earned income does not include - correct answer insurance proceeds



which of the following is not deductible on schedule a form 1040 - correct answer credit card interest



which form will your employer require you to complete upon hiring - correct answer w-4



which of the following is not a filing status for federal taxes - correct answer student filing separately



which of the following sources of income is not taxable? - correct answer child support



qualified stock dividends are taxed at a maximum rate of - correct answer 20%

, non-qualified dividends are taxed at a maximum rate of - correct answer 39.6%



interest is taxed at a maximum rate of - correct answer 39.6%



short term capital gains are taxed at a maximum rate of - correct answer 39.6%



long term capital gains are taxed at a maximum rate of - correct answer 20%



losses in excess of gains in any one year can be used to reduce taxable income up to - correct answer
$3000



adjusted gross income is what you get after subtracting from total income, specific deductions except -
correct answer charitable deductions



if you have $14000 of short term capital gains and $7500 of short term capital losses in the same year
how much will be taxable to you? - correct answer $6,500



the wash sale rule is designed to - correct answer disallow certain losses in the trading of securities



if you buy 200 shares of stock in a taxable account for $22,500 on oct 1st, sell them for $18,000 on oct
12, and buy back 200 shares of the same stock on oct 28 for $19,000 what would be your reportable tax
loss - correct answer nothing



when itemizing tax deduction - correct answer -total deductions may be reduced for high income earners

-proof may be required by IRS

-itemize your total deductions if they exceed standard deduction



common tax credits - correct answer are worth more than tax deductions

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