Unit 1

Question 1

Estimated Tax Due Date

Answer 1

Jan April June Sept

Question 2

SS/Medicare/income tax withholding Due Date

Answer 2

Jan April Oct Jan (last day of month)

Question 3

W2 W3 Due Date

Answer 3

Jan 31

Question 4

FUTA Form 940 Due Date

Answer 4

Jan April July OcT (if over 500$)

Question 5

Automatic filing extension if..

Answer 5

living outside US for job/post

Question 6

Who must file FBAR

Answer 6

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

Question 7

Who must file Form 8938

Answer 7

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

Question 8

Who files form 3520

Answer 8

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

Question 9

Who files form 8865?

Answer 9

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

Question 10

Filing Status MFJ

Answer 10

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

Question 11

Qualifying Widower filing status

Answer 11

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

Question 12

Who cannot use Standard Deduction

Answer 12

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

Question 13

Standard Deduction =

Answer 13

Basic Standard Deduction+ Additional Standard Deduction

Question 14

MFJ / Widower Standard and Additional Deduction

Answer 14

Basic : 24.8k

Add: 1.3k

Question 15

Head of House Standard and Additional Deduction

Answer 15

Basic: 18.65k
Add: 1.65k

Question 16

Single Standard and Additional Deduction

Answer 16

Basic: 12.4k
Add: 1.65k

Question 17

MFS Standard Deduction

Answer 17

Basic: 12.4k
Add: 1.3k

Question 18

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

Answer 18

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

Question 19

Additional Standard Deduction

Answer 19

Person who reaches age 65 or is blind.

Question 20

Filing Requirements

Answer 20

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

Question 21

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

Answer 21

Must file if MFS >5$

additional deduction over 65 but not blind.

Question 22

Does Gross income include SS benefits?

Answer 22

No unless MFS

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

Question 23

Filing Requirement includes..

Answer 23

Foreign Earned income and residence disposition gain

Question 24

Auto Filing Extension

Answer 24

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

Question 25

Penalty for not filing

Answer 25

5% up to 25%

Question 26

Penalty for not paying

Answer 26

5% per month up to 25%

Question 27

Employers required to keep records for..

Answer 27

4 years.

Question 28

Employers penalty for deposits of taxes

Answer 28

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

Question 29

Who qualifying as dependent

Answer 29

Must be qualifying child/relative. NEVER SPOUSE

Question 30

Who is a Qualifying Child ?

Answer 30

``` Meet 4 Tests: - Relationship -Age -Residence Not Self Supporting ```

Question 31

Who is Qualifying Relative ?

Answer 31

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

Question 32

can a MFJ be Dependent?

Answer 32

No unless only filed for a refund

Question 33

Dependents must live...

Answer 33

US, Canada, Mexico

Question 34

Kiddie Tax

Answer 34

Net Unearned Income of child is taxes at parents rate. Net Unearned Income = UI - $1,100 - SD

Question 35

Kiddie Tax Does not apply too..

Answer 35

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

Question 36

Nonresident Alien Taxation

Answer 36

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

Question 37

Tax rate for most US source income received by foreign taxpayers

Answer 37

30%

Question 38

Considered US resident if ..

Answer 38

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

Question 39

If spouse is nonresident what is status

Answer 39

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