Capital Gains Tax Rates Quiz
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Questions and Answers

For a single taxpayer with a taxable income of $50,000, what is the maximum capital gain rate applicable?

  • 0%
  • 15% (correct)
  • 25%
  • 20%

    • Married filing separately, a taxpayer with a taxable income of $300,000 pays a maximum capital gains rate of 15%.

    False

    What is the maximum capital gains tax rate for head of household taxpayers earning $550,000?

    20%

    For married filing jointly, the maximum capital gain rate of ____% applies to taxpayers with taxable income above $583,750.

    <p>20</p> Signup and view all the answers

    Match the filing status with the maximum capital gain rate applicable for their taxable income.

    <p>Single = 15% Married Filing Jointly = 20% Head of Household = 15% Married Filing Separately = 20%</p> Signup and view all the answers

    What is the minimum passing score required to receive a Certificate of Completion?

    <p>70%</p> Signup and view all the answers

    You cannot retake the Final Exam if you fail.

    <p>False</p> Signup and view all the answers

    What should you do if you experience difficulty logging onto the Final Exam?

    <p>Call the toll-free number at 1-866-919-5277.</p> Signup and view all the answers

    The Certificate of Completion is available for printing if you achieve a score of ____ or higher.

    <p>70%</p> Signup and view all the answers

    Match the following actions with their corresponding details:

    <p>Confirm your name = Ensures your certificate has correct details Submit Answers = Finalizes your exam attempt Print Certificate = Available after passing the exam Mail Evaluation Form = Feedback for course improvement</p> Signup and view all the answers

    What is the purpose of the Evaluation Form?

    <p>To collect feedback regarding the CPE course</p> Signup and view all the answers

    The last page of the course materials includes a guide on how to take the Final Exam.

    <p>False</p> Signup and view all the answers

    The Final Exam can be found under the 2024 Annual Federal Tax Refresher Course in the ____.

    <p>Course Catalog</p> Signup and view all the answers

    What is the total time allotted for the Overview Topics chapter?

    <p>25 minutes</p> Signup and view all the answers

    The tax rules for digital assets require a longer time allotment than the Kiddie Tax.

    <p>True</p> Signup and view all the answers

    What does QBID stand for?

    <p>Qualified Business Income Deduction</p> Signup and view all the answers

    The alternative minimum tax (AMT) has exemption and phaseout amounts that are revised __________.

    <p>annually</p> Signup and view all the answers

    Match the following tax topics with their corresponding details:

    <p>Kiddie Tax = Tax on unearned income of children IRC Section 529 = College savings plans NOL = Net Operating Loss limitations ABLE accounts = Accounts for disabled individuals</p> Signup and view all the answers

    How many minutes are allotted for the limitations regarding IRC section 529 college savings plans?

    <p>5 minutes</p> Signup and view all the answers

    The exclusion of student loan debt forgiveness applies for a time allotment of 4 minutes.

    <p>False</p> Signup and view all the answers

    Identify one key limitation related to Achieving a Better Life Experience (ABLE) accounts.

    <p>Contribution limitations</p> Signup and view all the answers

    What is considered earned income?

    <p>Taxable employee pay and net earnings from self-employment</p> Signup and view all the answers

    A taxpayer can file as Qualified Surviving Spouse (QSS) in the year their spouse dies.

    <p>False</p> Signup and view all the answers

    What should an employee do if they receive $20 or more in tips in a month?

    <p>Report tips to their employer</p> Signup and view all the answers

    Wages from line 6, Form 8919, are related to __________.

    <p>Uncollected Social Security and Medicare Tax on Wages</p> Signup and view all the answers

    Match the following types of earned income with their definitions:

    <p>W-2 wages = Total from box 1 of all Forms W-2 Tips = Amounts given directly to an employee for service Dependent care benefits = Taxable benefits provided for child care expenses Disability pensions = Reported income if below retirement age</p> Signup and view all the answers

    Which of the following is NOT considered earned income?

    <p>Investment dividends</p> Signup and view all the answers

    Taxable employer-provided adoption benefits are exempt if they don't exceed $16,810.

    <p>True</p> Signup and view all the answers

    What form is used to claim Child and Dependent Care Expenses?

    <p>Form 2441</p> Signup and view all the answers

    What is the maximum wage limit for participants to make catch-up contributions as designated Roth contributions under the new law?

    <p>$145,000</p> Signup and view all the answers

    Participants with wages exceeding $145,000 can still make catch-up contributions if their plan does not have a designated Roth option.

    <p>False</p> Signup and view all the answers

    What options are available for catch-up contributions for participants age 50 or older?

    <p>Pre-tax or Roth basis</p> Signup and view all the answers

    The $145,000 threshold for catch-up contributions is indexed for ________ after 2024.

    <p>inflation</p> Signup and view all the answers

    Match the following years with their corresponding catch-up contribution requirements:

    <p>2023 = Initial legislation applies but with delays 2025 = End of administrative transition period 2026 = Must designate catch-up contributions as Roth 2024 = Threshold indexed for inflation</p> Signup and view all the answers

    Which contribution type is mandatory for individuals with wages over $145,000 starting in tax year 2026?

    <p>Designated Roth contributions</p> Signup and view all the answers

    The new law that affects catch-up elective deferrals is part of the SECURE 2.0 Act.

    <p>True</p> Signup and view all the answers

    What is the minimum age requirement for participants to make catch-up contributions?

    <p>50 years old</p> Signup and view all the answers

    What is the maximum contribution limit to an IRA for individuals under 50 in 2024?

    <p>$7,000</p> Signup and view all the answers

    The estate tax exclusion amount for decedents who die in 2024 is less than that of 2023.

    <p>False</p> Signup and view all the answers

    What is the total contribution limit for individuals aged 50 or older to an IRA in 2024?

    <p>$8,000</p> Signup and view all the answers

    The annual gift tax exclusion limit in 2024 is ____.

    <p>not specified</p> Signup and view all the answers

    Match the following tax categories with their corresponding limits in 2024:

    <p>IRA contribution limit for under 50 = $7,000 IRA contribution limit for 50 and older = $8,000 Estate tax exclusion in 2024 = $13,610,000 Roth IRA phaseout range for married filing jointly = $230,000 – $240,000</p> Signup and view all the answers

    What is the deduction phaseout range for a single filer covered by an employer plan in 2024?

    <p>$77,000 – $87,000</p> Signup and view all the answers

    Individuals married filing separately have a higher IRA phaseout range than those married filing jointly.

    <p>False</p> Signup and view all the answers

    What is the IRA deduction phaseout range for a spouse not covered by an employer plan in 2024?

    <p>$230,000 – $240,000</p> Signup and view all the answers

    Study Notes

    2024 Annual Federal Tax Refresher Course

    • This is a 6-hour course
    • The course is for tax professionals
    • Course content is for individual tax returns
    • Course is valid for the 2025 filing season
    • Course must be completed by December 31, 2024
    • Course content is designed as a refresher course
    • Course content includes textual explanations of tax concepts
    • The course meets IRS requirements for the IRS Annual Federal Tax Refresher Course (AFTR)

    Course Overview

    • Program content includes textual explanations of tax concepts
    • Course designed for tax professionals familiar with Form 1040
    • Course content is for individual taxpayers
    • Course meets IRS AFTR requirements
    • Publication Date: June 2024
    • Expiration Date: December 31, 2024

    Course Content

    • What's New for Individuals
    • Income
    • Itemized Deductions and Credits
    • Overview Topics
    • Payments, Extensions, and Practices
    • Procedures and Rules of Professional Responsibility
    • Glossary terms

    Course Instructions

    • Follow the instructions in the course materials
    • Read the learning objectives for each chapter
    • Review key facts, examples, and notes
    • Complete the self-quiz at the end of each chapter
    • After studying all chapters, complete the final exam

    Examination Instructions

    • Go to the website provided
    • Click on login and then log in to TTB Online CPE.
    • Enter your user name and password
    • Select the desired course from the Catalog
    • Take the final exam

    Learning Objectives, Tables of Contents and Notes

    • The course includes detailed learning objectives for each chapter with suggested completion times.
    • Various tables of contents are included with detailed learning objectives and time allocations for the course content.
    • Specific notes are provided for each learning objective outlining key facts and specific considerations related to the topics.

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    Related Documents

    2024 Annual Federal Income Tax PDF

    Description

    Test your knowledge on capital gains tax rates for different filing statuses and income levels. This quiz will cover maximum rates for single filers, married couples, and heads of household, along with additional related questions about completion certificates. See how well you understand these important tax concepts!

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