FiCEP Final : CUNA Review Questions and Correct Answers the Latest Update
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Course
FICEP
Institution
FICEP
Select the statement that correctly describes a progressive tax.
A progressive tax requires people to pay more as they earn more.
Pick the statement that best describes a regressive tax.
A regressive tax charges the same tax rate regardless of the taxpayer's income.
Why are government fees an...
✓ If you benefit financially, you are likely to be taxed for it.
Which type of qualified IRA withdrawal is exempt from income tax?
✓ Roth IRA withdrawals are exempt.
How do different tax authorities treat items excluded from federal taxable
income?
✓ Exclusions vary from state to state.
What is the first step for effectively managing income taxes?
✓ Determining your filing status.
What should be the goal of managing a taxpayer's income tax withholding?
✓ 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)?
✓ Section 125 balances are forfeited, while HSA balances are rolled over
How much can a member in the 25% tax bracket save in federal income taxes by
depositing pre-tax income into tax-deferred retirement accounts, such as
traditional IRAs?
✓ One-fourth of the deposit.
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