Questions from General Taxation


Q: A taxpayer with 2019 AGI of $160,000 has no

A taxpayer with 2019 AGI of $160,000 has no income tax withholding and is required to pay estimated taxes. The taxpayer can avoid an underpayment penalty by paying a. At least 90% of the 2019 tax lia...

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Q: Adam received a bonus of $6,000 from his employer

Adam received a bonus of $6,000 from his employer. Which one of the following federal income withholding tax amounts is not in accordance with IRS rules regarding supplemental wage payments? Adam earn...

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Q: Carol works for ABC Company and earned $63,000 for

Carol works for ABC Company and earned $63,000 for the entire year 2019. How much in FUTA tax is her employer required to withhold in her name? Assume that the employer receives the maximum credit for...

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Q: Rina, per orders of her military unit, moved from Seattle

Rina, per orders of her military unit, moved from Seattle to Tampa and incurred $5,000 of unreimbursed moving expenses. What are the two criteria that are necessary for her to meet regarding her servi...

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Q: A participant in a Keogh plan over the age of 50 may

A participant in a Keogh plan over the age of 50 may contribute up to what amount in 2019? a. $7,000. b. $25,000. c. The lower of $56,000 or 25% of earned income from self-employment. d. The greater...

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Q: Sanjay purchased a single life annuity contract for $200,000

Sanjay purchased a single life annuity contract for $200,000. The contract will pay $15,000 per year beginning in 2019 for the remainder of his life and has an expected return of $330,000. What amount...

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Q: A participant in a 401(k) plan under the age

A participant in a 401(k) plan under the age of 50 may contribute up to what amount in 2019? a. $6,000. b. $13,000. c. $19,000. d. $56,000.

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Q: Thomas is a self-employed plumber under the age of 50

Thomas is a self-employed plumber under the age of 50. His earnings from self-employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What is his deduc...

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Q: Jack is single and age 53. He reported AGI of $

Jack is single and age 53. He reported AGI of $71,000 in 2019. He is an active participant in his employer’s pension plan. What is the maximum deductible IRA contribution he can make in 2019? a. $2,1...

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Q: Without regard to AGI limitations, what is the maximum contribution permitted

Without regard to AGI limitations, what is the maximum contribution permitted to a Coverdell Education Savings Account in 2019? a. $500. b. $2,000. c. $6,000. d. The lower of $6,000 or 100% of compe...

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