Recent Tax Developments (January-February 2015) (00679803, 2015 Edition) ReportNotes
final exam score:
final exam status: PASSED
80%Question 3
Incorrect
According to a recent IRS ruling, which statement about self-employment tax is correct?
LLC members in service businesses owe self-employment tax on their share of LLC income.
The portion of net earnings from self-employment used to figure the Social Security portion in 2015 is $117,000.
(You Answered) A self-employed person can deduct only one-half of the Social Security portion of the tax.
A self-employed person has a cap on the Medicare portion of the tax.
Question 8
Incorrect
Which of the following tax items has not been increased by inflation for 2015?
Basic standard deduction amounts
Personal exemption
Monthly limit on free parking transportation fringe benefit
(You Answered) Adoption credit