UGBA 196 - Assignment 3 question n answers graded A+ 2023/2024

UGBA 196 - Assignment 3Most of the taxes the federal government collects comes from - correct answer individual taxpayers employers withhold from employees paychecks the following - correct answer -social security -less federal taxes if you declare more exemptions -medicare for tax purposes a dependent may be any of the following - correct answer -your mother who lives in your home -your children -your spouse earned income includes all the following - correct answer commissions salaries wages earned income does not include - correct answer insurance proceeds which of the following is not deductible on schedule a form 1040 - correct answer credit card interest which form will your employer require you to complete upon hiring - correct answer w-4 which of the following is not a filing status for federal taxes - correct answer student filing separately which of the following sources of income is not taxable? - correct answer child support qualified stock dividends are taxed at a maximum rate of - correct answer 20% non-qualified dividends are taxed at a maximum rate of - correct answer 39.6% interest is taxed at a maximum rate of - correct answer 39.6% short term capital gains are taxed at a maximum rate of - correct answer 39.6% long term capital gains are taxed at a maximum rate of - correct answer 20% losses in excess of gains in any one year can be used to reduce taxable income up to - correct answer $3000 adjusted gross income is what you get after subtracting from total income, specific deductions except - correct answer charitable deductions if you have $14000 of short term capital gains and $7500 of short term capital losses in the same year how much will be taxable to you? - correct answer $6,500 the wash sale rule is designed to - correct answer disallow certain losses in the trading of securities if you buy 200 shares of stock in a taxable account for $22,500 on oct 1st, sell them for $18,000 on oct 12, and buy back 200 shares of the same stock on oct 28 for $19,000 what would be your reportable tax loss - correct answer nothing when itemizing tax deduction - correct answer -total deductions may be reduced for high income earners -proof may be required by IRS -itemize your total deductions if they exceed standard deduction common tax credits - correct answer are worth more than tax deductions