Final_exam_sample_questions

Final_exam_sample_questions - 1. Which one of the following...

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1. Which one of the following taxes is imposed at the federal level? A. Sales tax B. Property tax C. Estate tax D. Use tax 2. Which one of the following ‘Deductions for AGI’ is subject to a $5,000 limit? A. Self-employed health insurance deduction B. IRA contributions C. Alimony payments D. Tuition and fees deduction 3. Which one of the following statements is false? A. If a taxpayer withdraws money from an IRA prior to reaching age 59 and ½, the taxpayer is generally subject to a 10% penalty on the early withdrawal. . B. Roth IRAs are not tax deductible. C. IRA contributions can be made as late as April 15th of the following year and yet still be deducted on the current year’s income tax return. D. Upon death, the value of IRA accounts is turned over to the Federal government. 4. Which one of the following items is not taxable? A. Royalties B. Gambling winnings C. Rewards D. Municipal bond interest 5. Which one of the following items is taxable? A. Child support payments
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Final_exam_sample_questions - 1. Which one of the following...

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