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My CFP Flashcards > Percentages > Flashcards

Percentages Flashcards

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1
Q
  • The % of discretionary income used in pay as you go student loan repayment plan
A

10

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2
Q
  • The penalty for private foundations if they don’t distribute ____ % of the FMV of it’s assets
A

15

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3
Q

If key employees participate in 401K, non key participants must receive at least this much in a match

A

3

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4
Q
  • Monthly tax penalty for failing to pay
A

0.5

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5
Q
  • AGI deduction for charitable CASH donation to public (Covid- 2021)
A

100

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6
Q

1111

A

11111

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7
Q
  • The % of discretionary income used in income contingent student loan repayment plan
A

20

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8
Q
  • Max amount of someone’s pay that an employer can contribute to a SEP
A

25

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9
Q
  • Depreciation recapture for 1250 property (for highest tax bracket)
A

25

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10
Q

FICA Tax- Use this on ALL income even over threshold

A

1.45

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11
Q
  • Tax penalty for each month (up to 25%) of failing to file taxes
A

5

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12
Q
  • No penalty on IRA withdrawals to pay for medical expenses over this amount
A

7.5

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13
Q
  • The “accumulated earnings tax” that PSCs with earnings over $150,000 are subject to
A

20

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14
Q
  • Amount of medical expenses deductible in a partnership
A

100

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15
Q
  • Amount of AGI deduction on LTCG property to a public charity
A

30

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16
Q
  • If the employer chooses to use the non-elective deferral method, the employer must contribute ____ % of all eligible employees’ compensation regardless of whether the employee is deferring or not. (safe harbor)
A

3

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17
Q
  • The penalty on a 72T that applies when someone makes changes to the distribution schedule before they reach 59.5. (ex- someone takes at 58, and changes at 61. penalty applies to all pmts received before 70.5 retroactively)
A

10

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18
Q

Acceptable amount of total monthly debt

A

36 of gross income

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19
Q
  • Max employer tax deduction of of eligible payroll of covered employees (Profit sharing)
A

25

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20
Q

Acceptable amount of consumer debt

A

20% of net income or less

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21
Q
  • The absolute minimum an employer of a SIMPLE IRA (NOT SIMPLE 401K) plan needs to contribute to be ok. They can do 1 or 2% for 2 out of the last 5 years (rest need to be 3%)
A

1

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22
Q
  • Normal curve: amount of time return will be within 1 standard deviation
A

68

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23
Q
  • Max amount (premiums as a % of the plan benefit) that ordinary/whole life insurance policy premiums can be in a retirement plan to be considered “incidental”
A

50

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24
Q
  • ERISA plans may not hold employer securities if the total FMV of such assets exceeds ____% of the plan’s portfolio at the time
A

10

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25
Q
  • CRT minimum (CRAT + CRUT) % to be paid the the donor (NOT FOR CLUT, CLAT, Charitable gift annuity, or pooled income fund)
A

5

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26
Q

The % of dividend income that a corporation getting from a company that the same company owns more than 20% of the company

A

65

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27
Q
  • (Keogh) Self-Employment Tax must be computed and a deduction of one-half of the Self-Employment Tax must be taken before determining the Keogh deduction. Shortcut:
    If contribution ___%: multiply by ____% of net earnings
A

25, 18.59

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28
Q
  • Trust tax rate up to $2,600 of income
A

10%

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29
Q
  • For section 303 stock redemption (estate liquidity strategy) the value of the stock must be over __% of the decedent’s gross estate
A

35

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30
Q
  • For S Corp tax free disability to >____ owners
A

2%

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31
Q
  • Flat tax for C Corps
A

21

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32
Q

Amount to DEDUCT for self employment tax

A

1/2 of 14.13

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33
Q
  • If an employer has more than 20 employees working over ____% of the days during a calendar year, then they need cobra.
A

50

34
Q
  • qualified plan is top heavy if ___% or more of the account balance is allocated to key employees
A

60

35
Q
  • Amount of medical, dental, and LTC insurance deductible for 2% owner of an S Corp
A

100

36
Q
  • For DC Plans - the permitted disparity is the lesser of base % or ___ %
A

5.7

37
Q
  • The statutory contribution (for a safe harbor plan) using a match is $1/$1 on the first ___ employee deferral and $0.50/$1 on the next ____% employee deferral.
A

3, 2

38
Q
  • Tax penalty for fraud
A

75

39
Q
  • Penalty on early withdrawals from a SIMPLE during first 2 years of participation
A

25

40
Q

____ % of adjusted gross estate that (NEED DETAILS)- 6166

A

35

41
Q

Normal curve: amount of time return will be within 2 standard deviations

A

95

42
Q
  • Per the stop loss provision- the amount an insurance company will cover in remaining expenses after the deductible is reached
A

100

43
Q
  • Max amount (premiums as a % of the plan benefit) that term/universal life insurance policy premiums can be in a retirement plan to be considered “incidental”
A

25

44
Q
  • Net operating loss can be carried forward indefinitely (up to ___% of income)
A

80

45
Q

Lifetime learning credit

A

20% up to 10,000 (max of $2000 / family per year)

46
Q
  • When someone gets a direct (payable to the person) dist. from a qualified plan, the plan must withhold ___% which is paid to the IRS.
A

20

47
Q
  • Amount of deductible medical insurance paid by self employed
A

100

48
Q
  • ____% is the amount an employer for a SIMPLE plan must contribute, but it can go down to 1% for 2 out of the last 5 years
A

3

49
Q
  • Tax penalty for negligence
A

20

50
Q
  • ___% of gross estate run for 2032A valuation to apply
A

50

51
Q
  • Amount of time equipment must be used for business to qualify for 179 deduction
A

50

52
Q
  • QBI tax deduction for single member LLC if taxable income is less than $164,900
A

20

53
Q

___% of the gross estate must consist of real property for 2032A valuation

A

25

54
Q
  • % of ending value (as a % of the value at inception) that must be in a CRAT or CRUT
A

10

55
Q
  • Amount of social security that’s taxable if MAGI is over $44,000 (for MFJ)
A

85

56
Q
  • For private foundations: ____ % excise tax on net investment income (not for “supporting organizations” though –> adv. for these)
A

2

57
Q
  • More than ___ % owner can’t wait to take the 401k RMD even if they are still working
A

5

58
Q
  • Amount of medical, dental, and LTC insurance deductible by business owner of a sole prop/partnership owner
A

100

59
Q
  • The % of discretionary income used in income based repayment plan calculation
A

15

60
Q
  • If property is rented over ___ % of possible rental days during a year, it becomes mixed use property (rental income becomes taxable)
A

10

61
Q

American opportunity credit

A

100% up to the first 2k of expenses, then 25% of the next 2000 of expenses

62
Q

Normal curve: amount of time return will be within 3 standard deviations

A

99

63
Q
  • % of stock bonus that can be company stock
A

100

64
Q
  • Total max charitable deduction (as % of AGI)
A

50

65
Q
  • IRS treats greater than ___ owners rather than employees for fringe benefit premiums
A

2

66
Q
  • Flat tax for personal service corporation (HALEs)
A

21

67
Q

Calculation to figure out how much to pay in taxes to avoid Tax Underpayment Penalty- ___ % of the prior year’s tax liability (or ____ of last year if AGI is over $150,000)

A

100, 110

68
Q

Take the maintenance margin rate (ex. ___%) and multiply that the current value of the stock. The ____% is what’s required to be held.

A

30

69
Q

Use this to calculate FICA wages (NOT self-employed) on wages up to $142,800

A

6.2

70
Q
  • income tax deduction for a private foundation estate gift (?)
A

30

71
Q
  • % of AGI that can be deducted for cash donations to DAF in 2021
A

60

72
Q
  • (Keogh) Self-Employment Tax must be computed and a deduction of one-half of the Self-Employment Tax must be taken before determining the Keogh deduction. Shortcut: If contribution ___%: multiply by ___% of net earnings
A

15, 12.12

73
Q
  • Over ___% owner is a HCE even if making under $130,000
A

5

74
Q
  • Amount ERISA plan can invest assets in company’s stock IF PLAN ALLOWS it (ESOP stock bonus plan)
A

100

75
Q

Flat contribution amount that must be funded annually to a DC money purchase plan

A

flat % up to 25%

76
Q
  • Under an ESPP (employee stock purchase plan) the employer is allowed to discount the price of stock up to ___% of the fair market value
A

15

77
Q

-Amount of employer contributions that are immediately vested in simple, simple 401K, SEP and sarsep plans (also employee conts. obviously)

A

100

78
Q

Acceptable amount of PITI

A

28% of gross income or less

79
Q
  • The % of dividend income that a corporation getting from a company that the same company owns less than 20% of the company
A

50

80
Q

Calculation to figure out how much to pay in taxes to avoid Tax Underpayment Penalty- ___% of current year tax liability

A

90

81
Q

Minimum contributions for a non key employee in a top heavy DB plan

A

2%

82
Q

More than $100,000 of ISOs may be granted to an employee at a time as long as no more
than $100,000 of ISOs (based on the FMV of the underlying stock as of the grant date) vest in a
given year. As long as they exercise price is at least ____% of the FMV of the
stock at grant date and the options vest within __ years, a greater-than-___% shareholder may be
granted ISOs.

A

110%
5 years
10%

My CFP Flashcards (21 decks)

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