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Exam (elaborations)

Ficep Exam

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2020/2021 Written for academic year
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Select the statement that correctly describes a progressive tax. -answerA progressive tax requires people to pay more as they earn more. What is the name of the organization that offers free tax assistance to taxpayers age 60 or older, those with disabilities or special needs, or who qualify for earned income or homestead tax credits? -answerTax Counseling for the Elderly (TCE) What percent of tax payers are eligible to use the "Free File Online" service offered as a partnership between the IRS and tax software companies? -answer70% are eligible When members use tax refunds to pay down debts, which debts should be paid first? -answerAlways pay the debts with high interest rates or that could prompt garnishments. Which type of qualified IRA withdrawal is exempt from income tax? -answerRoth IRA withdrawals are exempt.

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