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Test your recall > Key Facts and Figures > Flashcards

Key Facts and Figures Flashcards

0
Q

Personal exemption amount per person

A

$3,950

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1
Q

Personal exemption phaseout

A

Phaseout of 2% for every $2500 ($1250) MFS or fraction thereof that AGI exceeds the following amounts…

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3
Q

Personal exemption – single (phaseout begins at)

A

$254,200

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4
Q

Personal exemption – married filing jointly or surviving spouse (phaseout begins at)

A

$305,050

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5
Q

Personal exemption – married filing separately (phaseout begins at)

A

$152,525

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5
Q

Personal exemption – head of household

A

$279,650

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6
Q

Personal exemption – head of household (phaseout begins at)

A

$279,650

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8
Q

Phaseout of itemized deductions – single (phaseout begins at)

A

$254,200

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9
Q

Phaseout of itemized deductions – married filing jointly or surviving spouse (phaseout begins at)

A

$305,050

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10
Q

Phaseout of itemized deductions – married filing separately (phaseout begins at)

A

$152,525

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10
Q

Employment taxes: Social Security tax rate – employer’s portion

A

6.2%

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11
Q

Phaseout of itemized deductions – head of household (phaseout begins at)

A

$279,650

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12
Q

Employment taxes: Social Security tax rate – employee’s portion

A

6.2%

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13
Q

Employment taxes: Social Security tax rate – total for self-employed individual

A

12.4%

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14
Q

Maximum amount of earning subject to Social Security taxes

A

$117,000

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15
Q

Employment taxes: Medicare tax rate – employee’s portion (on all net self-employment income)

A

1.45%

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16
Q

Employment taxes: Medicare tax rate – employer’s portion

A

1.45%

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17
Q

Employment taxes: Medicare tax rate – total for self-employed individual (on all net self-employment income)

A

2.9%

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18
Q

Employment taxes: Medicare tax rate – employee’s additional Medicare surtax on earnings above $200,000 ($250,000 MFJ, $125,000 MFS)

A

0.9%

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19
Q

Maximum amount of earnings subject to medicare taxes

A

Unlimited

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20
Q

Total employment taxes: Employer’s portion

A

7.65%

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21
Q

Total employment taxes: Employee’s portion

A

7.65%

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22
Q

Total employment taxes for self-employed individual

A

15.3%

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23
Q

Percentage of self-employed earnings subject to self-employment (SE) taxes

A

92.35%

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24
Q

Percentage of self-employment (SE) taxes deducted above-the-line (calculated without 2% payroll tax cut in 2012)

A

50%

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25
Q

Kiddie Tax: Amount not subject to tax due to personal exemption

A

$1,000

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26
Q

Kiddie Tax: Amount taxed at child’s rate of 10%

A

$1,000

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27
Q

Kiddie Tax: Unearned income above these amounts taxed at parents’ marginal tax rate

A

Unlimited

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28
Q

Child Tax Credit: Child tax credit per child

A

$1,000

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29
Q

Child Tax Credit Phaseout

A

Phaseout of $50 for every $1,000 or fraction thereof that AGI exceeds the following amounts (completely phased out if AGI exceeds threshold by $20,000 per child)

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30
Q

Child Tax Credit – Single (phaseout begins at)

A

$75,000

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31
Q

Child Tax Credit – married filing jointly or surviving spouse (phaseout begins at)

A

$110,000

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32
Q

Child Tax Credit – married filing separately (phaseout begins at)

A

$55,000

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33
Q

Child Tax Credit – head of household (phaseout begins at)

A

$75,000

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34
Q

Child or Dependent Care Credit (Maximum amount of qualifying expenses): One child or dependent

A

$3,000

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35
Q

Child or Dependent Care Credit (Maximum amount of qualifying expenses): Two or more children or dependents

A

$6,000

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36
Q

Child or Dependent Care Credit: AGI amount when credit reduced to 20% level

A

$43,000

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37
Q

Child or Dependent Care Credit (Maximum credit, assuming taxpayer’s AGI at 20% level): one child or dependent

A

$600

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38
Q

Child or Dependent Care Credit (Maximum credit, assuming taxpayer’s AGI at 20% level): Two or more children or dependents

A

$1,200

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39
Q

American Opportunity Tax Credit (Credit percentage amounts): First $2,000

A

100%

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40
Q

American Opportunity Tax Credit (Credit percentage amounts): Second $2,000

A

25%

41
Q

American Opportunity Tax Credit: Maximum credit

A

$2,500

42
Q

American Opportunity Tax Credit – Single (phaseout range)

A

$80,000 - $90,000

43
Q

American Opportunity Tax Credit – married filing jointly or surviving spouse (phaseout range)

A

$160,000 - $180,000

44
Q

American Opportunity Tax Credit – married filing separately (phaseout range)

A

$0 - $0

45
Q

American Opportunity Tax Credit – head of household (phaseout range)

A

$80,000 - $90,000

46
Q

Lifetime Learning Credit (Credit percentage amounts): First $10,000

A

20%

47
Q

Lifetime Learning Credit: Maximum credit

A

$2,000

48
Q

Lifetime Learning Credit – married filing jointly or surviving spouse (phaseout range)

A

$108,000 - $128,000

49
Q

Lifetime Learning Credit – Single (phaseout range)

A

$54,000 - $64,000

50
Q

Lifetime Learning Credit – married filing separately (phaseout range)

A

$0 - $0

51
Q

Lifetime Learning Credit – head of household (phaseout range)

A

$54,000 - $64,000

52
Q

Above-the-line deduction for educational loan interest payments

A

$2,500

53
Q

Educational Loan Interest Deduction – Single (phaseout range)

A

$65,000 - $80,000

54
Q

Educational Loan Interest Deduction – married filing separately (phaseout range)

A

$0 - $0

55
Q

Educational Loan Interest Deduction – married filing jointly or surviving spouse (phaseout range)

A

$130,000 - $160,000

56
Q

Educational Loan Interest Deduction – head of household (phaseout range)

A

$65,000 - $80,000

57
Q

Above-the-line deduction for tuition and related expenses: AGI limitations to claim up to the full $4,000 above-the-line deduction

A

Expired

58
Q

Above-the-line deduction for tuition and related expenses: AGI limitations to claim up to $2,000 above-the-line deduction if AGI exceeds the limits above for the $4,000 deduction

A

Expired

60
Q

Tax-free treatment on Series EE bonds – Single (phaseout range)

A

$76,000 - $91,000

61
Q

Tax-free treatment on Series EE bonds – Married filing jointly or surviving spouse (phaseout range)

A

$113,950 - $143,950

62
Q

Tax-free treatment on Series EE bonds – Married filing separately (phaseout range)

A

$76,000 - $91,000

63
Q

Tax-free treatment on Series EE bonds – Head of household (phaseout range)

A

$76,000 - $91,000

64
Q

Standard Deductions – Single

A

$6,200

65
Q

Standard Deductions – MFJ or surviving spouse

A

$12,400

66
Q

Standard Deductions – MFS

A

$6,200

67
Q

Standard Deductions – Head of Household

A

$9,100

68
Q

Standard Deductions – Married: Additional standard deduction amount if age 65 or older or blind

A

$1,200

69
Q

Standard Deductions – Unmarried: Additional standard deduction amount if age 65 or older or blind

A

$1,550

70
Q

Standard Deductions – Taxpayer is claimed as a dependent with no earned income

A

$1,000

71
Q

Standard Deductions – Taxpayer is claimed as a dependent with earned income

A

earned income plus $350 (maximum of $6,200)

72
Q

Coverdell ESA contribution limit

A

$2,000

73
Q

Coverdell ESA – Single (phaseout range)

A

$95,000 - $110,000

74
Q

Coverdell ESA – Married filing jointly or surviving spouse (phaseout range)

A

$190,000 - $220,000

75
Q

Coverdell ESA – Married filing separately (phaseout range)

A

$95,000 - $110,000

76
Q

Coverdell ESA – Head of household (phaseout range)

A

$95,000 - $110,000

77
Q

Section 179 deduction amount

A

$25,000

78
Q

Section 179 limit on property placed in service

A

$200,000

79
Q

Tax rates for capital gains and dividends – 39.6% tax bracket

A

20%

80
Q

Tax rates for capital gains and dividends – 25%, 28%, 33%, and 35% tax bracket

A

15%

81
Q

Tax rates for capital gains and dividends – 10% or 15% tax bracket

A

0%

82
Q

Tax rates for capital gains and dividends – For single taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.

A

$200,000

83
Q

Tax rates for capital gains and dividends – For MFJ taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.

A

$250,000

84
Q

Tax rates for capital gains and dividends – For MFS taxpayers with AGI over ___, an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold.

A

$125,000

85
Q

AMT exemption amounts – Single

A

$52,800

86
Q

AMT exemption amounts – MFJ or surviving spouse

A

$82,100

87
Q

AMT exemption amounts – MFS

A

$41,050

88
Q

AMT exemption amounts – Head of Household

A

$52,800

89
Q

AMT exemption phaseout

A

25% of AMTI that exceeds the following amounts

90
Q

Phaseout of AMT exemption – Single

A

$117,300

91
Q

Phaseout of AMT exemption – MFJ or surviving spouse

A

$156,500

92
Q

Phaseout of AMT exemption – MFS

A

$78,250

93
Q

Phaseout of AMT exemption – Head of Household

A

$117,300

94
Q

AMT tax rates – 26% on income up to

A

$182,500

95
Q

AMT tax rates – 28% on income over

A

$182,500

96
Q

Income tax rates: Trusts – 15%

A

$2,500

97
Q

Income tax rates: Trusts – 25%

A

$5,800

98
Q

Income tax rates: Trusts – 28%

A

$8,900

99
Q

Income tax rates: Trusts – 33%

A

$12,150

100
Q

Income tax rates: Trusts – 35%

A

n/a

101
Q

Income tax rates: Trusts – 39.6%

A

unlimited

Test your recall (38 decks)

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