Final Exam > Results Page
final exam score:
final exam status:
93%
Question 1
Correct
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) and subsequent legislation reduced the maximum tax rate on qualified capital gains from _____ percent to _____ percent for taxpayers in tax brackets above 15 percent.
30; 20
25; 10
(You Answered) (Correct Answer) 20; 15
15; 10
Question 2
Correct
Individuals age 50 and older by the end of the year can make an additional catch-up contribution to a Roth IRA of:
(You Answered) (Correct Answer) $1,000
1,500
$2,500
$500
Question 3
Correct
Itemized medical expenses are only deductible for AMT purposes to the extent they exceed ___ percent of adjusted gross income (AGI).
15
(You Answered) (Correct Answer) 10
7.5
Medical expenses are not deductible for AMT purposes.
Question 4
Correct
Under the JGTRRA and subsequent legislation, the zero-percent capital gains/dividends tax rate for taxpayers in the 10 and 15 percent income tax brackets sunsets after:
December 31, 2009
December 31, 2011
(You Answered) (Correct Answer) December 31, 2012
The tax rate for those brackets is permanent.
Question 5
Correct
For 2012, the wage base for the Social Security portion of the FICA tax is:
$106,800
(You Answered) (Correct Answer) $110,100
$200,000
Abolished for 2012
Question 6
Correct
Under the sunset provisions of EGTRRA (as extended by the Tax Relief Act of 2010), the top individual income tax rate will revert to ___ percent after December 31, 2012.
36
(You Answered) (Correct Answer) 39.6
45
50
Question 7
Incorrect
Under the sunset provisions in JGTRRA and subsequent legislation, qualified dividend income after 2012 will be taxed at:
10 percent
(You Answered) 15 percent
25 percent
(Correct Answer) The taxpayer’s ordinary income tax rate
Question 8
Correct
The health care reform package enacted a Medicare contribution tax of ___ percent on qualified unearned income of certain higher-income individuals effective for tax years beginning after_____ .
0.9; 2010
2.0; 2011
(You Answered) (Correct Answer) 3.8; 2012
4.0; 2013
Question 9
Correct
Taxpayers who made a Roth IRA conversion in 2010:
(You Answered) (Correct Answer) Recognized the conversion amount ratably in their taxable income on 2011 and 2012 returns, unless they elected to recognize the entire amount on a 2010 return
Recognized the conversion amount entirely on a 2010 return at a flat 20 percent rate
Pay no federal income tax on the amount being converted
Deferred any income tax payable until after 2015
Question 10
Correct
For 2012, an individual (self-only) plan is a high-deductible health plan for purposes of the health savings account (HSA) rules if it has at least a _____ annual deductible.
(You Answered) (Correct Answer) $1,200
$2,000
$6,050
$7,500
Question 11
Correct
After December 31, 2010, nonqualified distributions from a health savings account (HSA) are subject to an additional _____ tax.
(You Answered) (Correct Answer) 20 percent
25 percent
35 percent
50 percent
Question 12
Correct
The Tax Relief Act of 2010’s extension of EGTRRA’s provisions (also known as the “Bush-era tax cuts”) sunsets after:
(You Answered) (Correct Answer) December 31, 2012
January 1, 2013
December 31, 2014
December 31, 2015
Question 13
Correct
The federal estate tax “applicable exclusion amount” for a decedent dying in 2012 is:
$1,000,000
$3,500,000
$4,000,000
(You Answered) (Correct Answer) $5,120,000
Question 14
Correct
Under the Middle Class Tax Relief and Job Creation Act of 2012, the _____________tax reduction is extended through ____________ .
(You Answered) (Correct Answer) Payroll; 2012
Excise; 2012
Gift; 2013
Inheritance; 2012
Question 15
Correct
After 2012, if an employer does not withhold the additional 0.9-percent Medicare tax when required, who is liable for paying the tax?
(You Answered) (Correct Answer) Taxpayer
Employer
Social Security Administration