R1 M7 Wrong MCQ Flashcards
1
Q
A
2
Q
What is the maximum amount for the Retirement Savings Contributions Credit?
A
2000
3
Q
How may taxes paid by someone to a foreign country be treated?
A
As a credit against federal income taxes due
4
Q
Review Excess SS tax withheld
A
in notes
5
Q
Review Estimated Taxes (required minimum)
A
110% if AGI > 150000
6
Q
Criteria to qualify for the Kiddie Tax
A
Dependent child under 18
Child 18-23 who is mostly supported by parents and is a full time student
7
Q
What is the Kiddie Tax
A
Net unearned income of a dependent child is taxed at the parents rate.
Net unearned income = Unearned income - 2500 - 1250
