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CPF Chapter 3 Exam Questions and Answers All Correct

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CPF Chapter 3 Exam Questions and Answers All Correct The tax based on the total tax due divided by taxable income is called the - Answer- Average tax rate Which of the following is NOT a tax credit? - Answer- Domestic tax credit Recent tax credits include all of the following except the - A...

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  • October 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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CPF Chapter 3 Exam Questions
and Answers All Correct

The tax based on the total tax due divided by taxable income is called the - Answer-
Average tax rate

Which of the following is NOT a tax credit? - Answer- Domestic tax credit

Recent tax credits include all of the following except the - Answer- AMT tax credit.

At the end of the year, Xavier received a form from his employer that reported annual
earnings and the amounts deducted for taxes. That form is called a - Answer- W-2

At the end of the year, Yvonne received a form from her bank that reported income from
her savings. That form is called a - Answer- 1099

At the end of the year, Walter received a form that showed his payments from
independent contracting. That form is called a - Answer- 1099

Penny knows that she needs to file her federal income taxes, but she is unable to do so
by April 15. What form does she need to complete to obtain an automatic six-month
extension? - Answer- 4868

Which of the following is NOT a valid form for filing federal income taxes? - Answer-
1040Z

All of the following can reduce your taxes today except investing in - Answer- A Roth
IRA.

Evan is not concerned about immediate tax benefits but instead wants his investment to
grow in value on a tax-free basis. Which of these would be the best for him to invest in
today? - Answer- A Roth IRA.

Lauren owns her business and is thinking about saving for retirement. She wants to
invest up to 25% of her annual income. Which plan should she use? - Answer- Keogh
plan

An advantage of investing in a 401(k) plan is the - Answer- Possibility of receiving an
employer match on your contributions.

Janet is completing her federal income taxes for the year and has identified the
amounts listed here. How much can she rightfully deduct?

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