Saved or paid as taxes - Study guides, Class notes & Summaries

Life Insurance and Health Insurance Exam Questions and Answers 100% Pass Section 529 Plans - Answer- - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - Answer- private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to start before 70.5 401...

Earned Income - Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income - Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings account, bond interest, alimony, and dividends from stock Exemptions (aka allowance) and how they work - If you are not claimed as a dependent on another taxpayer's return, then you can claim one perso...

Alternative Minimum Tax - AMT - Designed by the IRS to curb excessive tax avoidance, this provision allows companies to compute their potential tax liability under the AMT, adjusting for various preference items that reduce their tax bills under the regular tax code, e.g., accelerated depreciation methods. Companies must then pay the higher of the two tax obligations computed under the AMT and the regular tax code. Asset-Liability Method - Method of accounting for income taxes. Sometimes re...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient approach to taxation? A) Cash flows should be considered from a...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Answer 50% Which is the maximum recommended housing ratio for renting an apartment? - Answer 30% Eligibility requirements for down-payment assistance programs include which factors? - Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Answer 1.75% ...

HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) Questions And Answers Already Graded A+ What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 50% Which is the maximum recommended housing ratio for renting an apartment? 30% Eligibility requirements for down-payment assistance programs include which factors? Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is ...

Rental Obstacle + Solutions: Low Income - Answer -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - Answer Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credi...

CANADIAN INCOME TAXATION (2022- 2023) 25E WILLIAM BUCKWOLD, JOAN KITUNEN, MATTHEW ROMAN (TEST BANK) MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust Question Details Accessibility : Keyboard Navigation Topic : 01-04 The Fundamental Income Tax Structure an...

PHR/SPHR/GPHR Practice Test 60 Questions with Verified Answers Which of the following statements about grievance procedures is true? A. Management pays for arbitration. B. HR professionals are involved in the first stage of the grievance procedure. C. About 50% of collective bargaining agreements detail the steps in a grievance procedure. D. The aggrieved employee contacts the union steward in the first step in the grievance process. - CORRECT ANSWER Grievance Procedure Answer: D A grie...

capital asset - answer--almost everything you own or use for personal or investment purposes --your home --your car --investment like stocks, bonds, and mutual funds --ownership interest in small business you started --rental or other real estate you own basis - answer-the price you pay, when you buy a capital asset capital gain - answer-if you sell the asset for more than you paid for it capital loss - answer-if you sell the asset for less than what you paid for it break even ...