The major source of revenue for our federal government is: Estate tax Property Tax Social Security Tax Income Tax Sales Tax All of the following would be considered "audit triggers" EXCEPT: Tax returns showing hobby losses. Tax returns showing deductions for in-home office Tax return filed as a self-employed contractor Tax return showing use of tax shelters Tax return showing large business automobile expenses If you are married, not filing your taxes with your spouse, your filing status would be: Married, filing separately Head of Household Single Married filing jointly Which of the following types of income would be excludeable from taxation? Tips Capital Gains Self-employment income Overtime Pay Life Insurance Proceeds Gross Income less Adjustments to Gross Income less Deductions and Exemptions equals: Adjusted Gross Income Taxable Income Net Income Marginal Income Tax credits may be available for: Child and dependent care expenses Elderly and disabled Foreign Tax Scholarships All of the above The employee benefit plan which allows you to pay for certain benefits before taxes is a: Cafeteria Plan Payroll Deduction Plan Medical Expense Plan Out of Pocket Plan Investments which postpone taxation until some future date are known as: Tax Free Investments Tax Deferred Investments Tax Deductible Investments Tax Shelters Tax Exchanges All of the following are examples of tax-deferred investing EXCEPT: Tax Sheltered Annuities Individual Retirement Accounts Series EE Savings Bonds Certificates of Deposit Life Insurance Cash Values . If you are self-employed, your Social Security / Employment Taxes represent _____% of your income. 7.65% 10% 15.3% 5% 45%
