FICEP FINAL EXAM ACTUAL EXAM 2 VERSIONS COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+
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Nursing
Institution
Nursing
FICEP FINAL EXAM ACTUAL EXAM 2
VERSIONS COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY GRADED A+
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
a...
save in federal income taxes by depositing pre-tax
income into tax-deferred retirement accounts, such
as traditional IRAs? - Answer-One-fourth of the
deposit.
Which statement accurately describes options for
reducing income taxes? - Answer-Tax exemptions,
,deductions, and credits all help reduce income
taxes.
Which group of taxpayers usually qualifies for the
Earned Income Tax Credit (EITC)? - Answer-Low-
income families with earned income qualify for the
credit.
These six expenses are typically accepted by the
IRS as itemized deductions: - Answer-Traditional
IRA contributions, alimony payments, real estate
taxes paid, state and local income taxes, mortgage
interest, and casualty and theft losses.
,What is the first step financial counselors can take to
determine whether a member is properly managing
their taxes? - Answer-Review the member's payroll
stub.
What is the meaning of the insurance practice
"pooling of risks"? - Answer-Combining risks among
insurers as well as groups of individuals.
What is an insurable interest? - Answer-The
policyholder's monetary interest in the insured
property.
, From the perspective of your financial well-being,
what is the best way to decide whether or not you
should insure a particular item? - Answer-Consider
the risk to your assets.
Select the correct description for the "elimination
period". - Answer-How long a person must be
disabled before they are eligible for benefits.
When does Workers' compensation provide benefits
to workers? - Answer-When the worker has a work-
related illness or injury.
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