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FiCEP Final : CUNA Review Study Guide with Complete Solutions
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FiCEP Final : CUNA Review Study Guide with Complete Solutions Select the statement that correctly describes a progressive tax. - Answer️️ -A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - Answer️️ -A regressive t...

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  • September 18, 2024
  • 27
  • 2024/2025
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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

FiCEP Final : CUNA Review Study Guide
with Complete Solutions
Select the statement that correctly describes a progressive tax. - Answer✔️✔️-A

progressive tax requires people to pay more as they earn more.

Pick the statement that best describes a regressive tax. - Answer✔️✔️-A regressive tax

charges the same tax rate regardless of the taxpayer's income.

Why are government fees and surcharges sometimes described as a form of tax? -

Answer✔️✔️-Because they generate income for the government.

Which taxing authorities are worthy of the member's attention? - Answer✔️✔️-The

member must attend to all tax authorities at all levels of government to maintain their

financial well-being.

How do taxes impact your personal spending? - Answer✔️✔️-Taxes can make personal

spending go up or down.

Which is larger: the penalty for failing to pay federal income taxes on time, or the

penalty for failing to file a tax return when taxes are owed? - Answer✔️✔️-The penalty for

failing to file a tax return is significantly higher.

What is the right attitude to take toward taxes to protect your financial well-being? -

Answer✔️✔️-Taxes are an essential financial responsibility.

When is the IRS most likely to impose the maximum penalty on taxpayers? -

Answer✔️✔️-When they are forced to track down the taxpayer.

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
What is a good rule to follow when dealing with a tax auditor or another issue involving

the IRS? - Answer✔️✔️-Never assume the IRS is always correct.

What is the financial counselor's role in aiding members with complex tax issues? -

Answer✔️✔️-The counselor provides basic information and refers members to tax

programs or tax experts.

What happens when taxpayers who file a late return for any or all of the 4 most recent

tax years are owed a refund? - Answer✔️✔️-No penalty is charged and the taxpayer gets

the full refund amount.

What tax services are provided by the Volunteer Income Tax Assistance (VITA)

program? - Answer✔️✔️-Free tax return assistance to low- or moderate-income

taxpayers.

What benefit is offered when VITA services are combined with credit union programs

that encourage taxpayers to open accounts for direct deposit of tax refunds? -

Answer✔️✔️-Direct deposit reduces the time required to get a refund, which counters the

appeal of refund anticipation loans.

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

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
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.

How have education, information, and direct deposit programs impacted taxpayers' use

of refund anticipation loans? - Answer✔️✔️-The use of refund anticipation loans is

decreasing.

What rule of thumb should be used when defining taxable income? - Answer✔️✔️-If you

benefit financially, you are likely to be taxed for it.

Which type of qualified IRA withdrawal is exempt from income tax? - Answer✔️✔️-Roth

IRA withdrawals are exempt.

How do different tax authorities treat items excluded from federal taxable income? -

Answer✔️✔️-Exclusions vary from state to state.

What is the first step for effectively managing income taxes? - Answer✔️✔️-Determining

your filing status.

What should be the goal of managing a taxpayer's income tax withholding? -

Answer✔️✔️-To maintain cash flow while avoiding a tax bill at filing time.

What happens to year-end balances "left over" in Section 125 plans or health savings

accounts (HSAs)? - Answer✔️✔️-Section 125 balances are forfeited, while HSA balances

are rolled over

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