Exam (elaborations)
FiCEP Study Guide Final QUESTIONS AND ANSWERS (2024/2025) (VERIFIED ANSWERS)
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FiCEP Study Guide Final QUESTIONS AND ANSWERS (2024/2025) (VERIFIED ANSWERS)
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FiCEP Study Guide Final1.operating costs: A tax is defined as a contribution that supports the
of a government.
2.progressive: A tax requires a taxpayer to pay more tax as their
income increases. (Federal and state income taxes are examples)
3.regressive: A tax charges the same percentage of the cost of a
good or service, no matter what the taxpayer earns. (Sales tax, gas
taxes, and liquor taxes are examples)
4.fees or surcharges: Sometimes taxes are called .
5.fee: A could include the cost of a driver's license or a hunting
license.
6.surcharge: A could be a gasoline tax, tobacco tax, or liquor tax.
7.tax obligations: Taking care of is as important for a member's
financial well-being as it is to pay their bills on time.
,8.correspondence: Any from the IRS should be reviewed and dealt
with as soon as possible.
9.taxpayer advocate service.: If you have not been able to resolve a
problem with the IRS, seek assistance from the .
10.tax professional: Complex tax situations might require members to
hire a
.
11.70: % of taxpayers may be eligible for free tax filing assistance.
12.filing status: If members get a large refund, they might want to
change their
if the money is needed in their monthly budget.
13.costly: Caution members that using refund anticipation loans can be
a way to get instant access to their refund.
14.pay down debt: The first choice for using a tax refund is to .
15.self-employment quarterly taxes: Other tax authorities that
,members must pay attention to are state income tax, property tax,
and .
16.taxable income: Examples of are wages, salaries and tips,
interest income, alimony, business income, capital gains, pensions
and annuities, other forms of income, and distributions from a
traditional IRA.
17.non-taxable income: Examples of are child support payments, life
in- surance benefits paid to a beneficiary, gifts and inheritances from
parents, social security benefits, benefits from welfare, and qualified
distributions from roth IRAs.
18.filing status: can make a difference in the taxes paid.
19.filing status: Examples of are single, married filing jointly,
married filing separately, head of household, and qualified widow or
widower with dependent children.
20.401(k) plan: Saving for retirement can also save taxes by making
, contributions to a .
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