FICEP EXAM QUESTIONS AND ANSWERS 2024
Select the statement that correctly describes a progressive tax. - ANSWER-A 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 disabili...
FICEP
EXAM
QUESTIONS
AND
ANSWERS
2024
Select
the
statement
that
correctly
describes
a
progressive
tax.
-
ANSWER-A
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?
-
ANSWER-Tax
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?
-
ANSWER-70%
are
eligible
When
members
use
tax
refunds
to
pay
down
debts,
which
debts
should
be
paid
first?
-
ANSWER-Always
pay
the
debts
with
high
interest
rates
or
that
could
prompt
garnishments.
Which
type
of
qualified
IRA
withdrawal
is
exempt
from
income
tax?
-
ANSWER-Roth
IRA
withdrawals
are
exempt.
Which
group
of
taxpayers
usually
qualifies
for
the
Earned
Income
Tax
Credit
(EITC)?
-
ANSWER-Low-income
families
with
earned
income
qualify
for
the
credit.
These
six
expenses
are
typically
accepted
by
the
IRS
as
itemized
deductions:
-
ANSWER-Traditional
IRA
contributions,
alimony
payments,
real
estate
taxes
paid,
state
and
local
income
taxes,
mortgage
interest,
and
casualty
and
theft
losses.
What
is
the
meaning
of
the
insurance
practice
"pooling
of
risks"?
-
ANSWER-Combining
risks
among
insurers
as
well
as
groups
of
individuals.
How
did
the
Consolidated
Omnibus
Budget
Reconciliation
Act
(COBRA)
of
1985
impact
employee
health
benefits?
-
ANSWER-It
gave
employees
the
right
to
retain
health
insurance
after
their
job
ends
by
paying
the
full
premium.
Under
standard
property
insurance
plans,
how
much
of
the
cost
of
replacing
property
is
typically
covered?
-
ANSWER-80%
Which
statement
best
defines
comprehensive
and
collision
insurance
coverage
for
vehicles?
-
ANSWER-Collision
is
for
accidents
and
comprehensive
is
for
other
forms
of
damage
and
theft.
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