Finance

All reportable income from any source is called

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Use the following two columns of items to answer the matching questions below:

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If you sell an asset that you owned for less than 12 months for more than you paid for it, you will ...

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________ and ________ are both reported on a Schedule B.

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All taxpayers have a large degree of freedom in choosing their filing status.

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Different tax rates are associated with each filing status such as single, married filing jointly, ...

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If you are married with two children and your two elderly parents live with you in an "in-law" ...

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Assume you are still single and have no children, but your two siblings live with you in your home, ...

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Stephanie, who was divorced in 2015, had filed a joint tax return with her husband in 2014. During ...

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Michael's brother, Thomas, lives with Michael in his own home. Thomas has a full-time job and pays ...

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Jerry is divorced and has two children that live with him. What filing status should Jerry claim on ...

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If you are a married taxpayer, you may use the ________ filing status.

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If you are a surviving spouse, you may continue to use the married filing jointly tax rates unless

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To qualify for "head of household" you must

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Which of the following is nota tax filing status option?

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The Tax Relief Act of 2001 provided educational incentives to a broad range of taxpayers and reduced ...

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Students and other taxpayers earning less than $100,000 a year with no dependents are eligible to ...

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Employers have an option of whether or not to match an employee's Social Security and Medicare taxes.

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Medicare taxes are 1.45% of your salary, regardless of the salary amount.

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Medicare is a government health insurance program that covers people over age 55 and provides ...

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There is no Social Security tax on income beyond a certain level.

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Your gross wages are subject to FICA (Federal Insurance Contributions Act) taxes that fund the ...

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Taxpayers can have more than the minimum amount of required income tax withheld from each pay.

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Knowledge of individual income taxes is crucial to sound financial planning.

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Knowledge of tax laws can help you conserve your income.

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