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CFCI TAXES EXAM QUESTIONS CORRECTLY ANSWERED!!
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CFCI TAXES EXAM QUESTIONS CORRECTLY ANSWERED!! Marginal Tax Rate -Answer- The tax bracket that your last dollar of income falls into, and therefore the highest tax rate you pay. Effective Tax Rate -Answer- The actual rate you pay on your taxes, as a percentage of your overall income. Filing ...

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  • January 1, 2025
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cfci taxes
  • cfci taxes exam questions
  • marginal tax rate
  • cfci taxes exam questions correctly answered

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CFCI TAXES EXAM QUESTIONS
CORRECTLY ANSWERED!!
Marginal Tax Rate -Answer- The tax bracket that your last dollar of income falls into,
and therefore the highest tax rate you pay.

Effective Tax Rate -Answer- The actual rate you pay on your taxes, as a percentage of
your overall income.

Filing Status -Answer- A category that defines the type of tax return form an individual
will use. Closely tied to marital status, it determines the size of your tax brackets and
how much of your income is taxed at each rate.

Standard Deduction -Answer- The standard deduction is a dollar amount that reduces
your taxable income. It is a benefit that eliminates the need for many taxpayers to
itemize actual deductions, such as medical expenses, charitable contributions, and
taxes, on a 1040.

Exemption -Answer- An exemption is an amount of money you can subtract from your
taxable income, just for having dependents. Personal and dependent exemptions for
yourself and qualifying family members reduce the amount of income on which you will
be taxed.

W-4 -Answer- A form completed by an employee to indicate his or her tax situation
(exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct
amount of tax to withhold from an employee's paycheck.

I-9 -Answer- Form used by an employer to verify an employee's identity and to establish
that the worker is eligible to accept employment in the United States.

W-2 -Answer- Form that an employer must send to an employee and the IRS at the end
of the year. The W-2 form reports an employee's annual wages and the amount of taxes
withheld from his or her paycheck.

1099 -Answer- Form that details all "non-employee" compensation. This includes
income for completing specific jobs, like freelancers or contractors who are effectively
self-employed.

1040 -Answer- The standard Internal Revenue Service (IRS) form that individuals use to
file their annual income tax returns.

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