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Enrolled Agent > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Estimated Tax Due Date

A

Jan April June Sept

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2
Q

SS/Medicare/income tax withholding Due Date

A

Jan April Oct Jan (last day of month)

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3
Q

W2 W3 Due Date

A

Jan 31

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4
Q

FUTA Form 940 Due Date

A

Jan April July OcT (if over 500$)

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5
Q

Automatic filing extension if..

A

living outside US for job/post

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6
Q

Who must file FBAR

A

US citizens with >10k in foreign account. Filed online with financial crimes enforcement network.

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7
Q

Who must file Form 8938

A

> 50k at last day of year or 75k at anytime foreign financial assets. Also file FBAR

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8
Q

Who files form 3520

A

report transactions with foreign trusts, and receipts of certain large gifts from foreign persons.

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9
Q

Who files form 8865?

A

Interest in foreign partnerships: Either >50% ownership
>10% US controlled
Contributed property = 10% interest with value of >100k
reported event

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10
Q

Filing Status MFJ

A

Living apart on last day but not final. Have to file MFS if one dies and remarry.

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11
Q

Qualifying Widower filing status

A

2 years following death, did not remarry and maintain house.

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12
Q

Who cannot use Standard Deduction

A

Nonresident Alien
Short-Term Returns
If one spouse itemizes
Partnerships/Estates

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13
Q

Standard Deduction =

A

Basic Standard Deduction+ Additional Standard Deduction

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14
Q

MFJ / Widower Standard and Additional Deduction

A

Basic : 24.8k

Add: 1.3k

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15
Q

Head of House Standard and Additional Deduction

A

Basic: 18.65k
Add: 1.65k

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16
Q

Single Standard and Additional Deduction

A

Basic: 12.4k
Add: 1.65k

17
Q

MFS Standard Deduction

A

Basic: 12.4k
Add: 1.3k

18
Q

Basic Standard Deduction of children under 19 or student under 24. who are dependents

A

Greater of $1,100 or EI plus $350 up to $12,400.

19
Q

Additional Standard Deduction

A

Person who reaches age 65 or is blind.

20
Q

Filing Requirements

A

Must file if over threshold, SE earnings of $400 or dependent with GI> Standard Deduction or Unearned income >$1,100

21
Q

Exception to Gross income filing threshold = Standard Deduction is ..

A

Must file if MFS >5$

additional deduction over 65 but not blind.

22
Q

Does Gross income include SS benefits?

A

No unless MFS

or 1/2 SS +GI +Tax-Exempt Interest >25k / MFJ >32k

23
Q

Filing Requirement includes..

A

Foreign Earned income and residence disposition gain

24
Q

Auto Filing Extension

A

Does not extend time for payment
Interest charged from original due date.
5% per month up to 25% failure to file, and failure to pay

25
Q

Penalty for not filing

A

5% up to 25%

26
Q

Penalty for not paying

A

5% per month up to 25%

27
Q

Employers required to keep records for..

A

4 years.

28
Q

Employers penalty for deposits of taxes

A

2% 1-5 days
5% 6-15 days
10% >16 days

29
Q

Who qualifying as dependent

A

Must be qualifying child/relative. NEVER SPOUSE

30
Q

Who is a Qualifying Child ?

A 
Meet 4 Tests:
- Relationship 
-Age
-Residence
Not Self Supporting
31
Q

Who is Qualifying Relative ?

A 
Meet 4 Tests:
- Relationship OR Residence (cousin must live whole year)
Gross Income <4.3k
-Support 
- Cannot be qualifying child of another.
32
Q

can a MFJ be Dependent?

A

No unless only filed for a refund

33
Q

Dependents must live…

A

US, Canada, Mexico

34
Q

Kiddie Tax

A

Net Unearned Income of child is taxes at parents rate.

Net Unearned Income = UI - $1,100 - SD

35
Q

Kiddie Tax Does not apply too..

A

> 18 years old if Earned Income > Half of their support

36
Q

Nonresident Alien Taxation

A

Can chose to be taxed as US Citizen. SO taxed on worldwide income

37
Q

Tax rate for most US source income received by foreign taxpayers

A

30%

38
Q

Considered US resident if ..

A

in US at least 31 out of 183 days past 3 years.

39
Q

If spouse is nonresident what is status

A

Considered unmarried for HoH status, and does not chose to treat as resident alien

Enrolled Agent (10 decks)

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