Basic Tax Law Changes 2011 Flashcards Preview

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Flashcards in Basic Tax Law Changes 2011 Deck (20)
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1
Q

For 2011, the social security and Medicare wage threshold for household employees

A

remains unchanged at $1,700

2
Q

In 2011, social security tax is withheld from an employee’s wages at the rate of

A

4.2% (down from 6.2%) up to the social security wage limit of $106,800.

3
Q

The same reduction applies to net earnings from self-employment—the temporary rate is

A

10.4% (down from 12.4%) up to the social security wage limit of $106,800

4
Q

The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. The standard deduction amounts for 2011 are, for Married Filing Jointly or Qualifying Widow(er)

A

$11600

5
Q

Standard Deduction The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. The standard deduction amounts for 2011 for Head of Household -

A

$8500

6
Q

Standard Deduction The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. The standard deduction amounts for 2011 for Single or Married Filing Separately

A

$5800

7
Q

For 2011, the standard deduction forTaxpayers who are 65 and Older or are Blind has increased. If Married Filing Jointly, Married Filing Separately, or Qualifying Widow(er), then it is

A

$1150

8
Q

For 2011, the standard deduction forTaxpayers who are 65 and Older or are Blind has increased. If Single or Head of Househould, then it is

A

$1450

9
Q

The amount a taxpayer can deduct for each exemption increased to

A

$3700

10
Q

Retirement Savings Contribution Credit Income Limits Increased: In order to claim this credit, your MAGI must not be more than

A

$28,250 ($56,500 if Married Filing Jointly; $42,375 if Head of Household).

11
Q

Earned Income Credit (EIC) For 2011, the maximum credit is _____ with one qualifying child

A

is:$3,094

12
Q

Earned Income Credit (EIC) For 2011, the maximum credit is _____ with two qualifying children

A

$5,112 with two qualifying children

13
Q

Earned Income Credit (EIC) For 2011, the maximum credit is _____ with three or more qualifying children

A

$5,751 with three or more qualifying children

14
Q

Earned Income Credit (EIC) For 2011, the maximum credit is _____ with three or more qualifying children”

A

$464 with no qualifying child

15
Q

To be eligible for a full or partial credit, the taxpayer must have earned income of at least $1 but less than: ____ with one qualifying child

A

$36,052 ($41,132 if Married Filing Jointly) with one qualifying child

16
Q

To be eligible for a full or partial credit, the taxpayer must have earned income of at least $1 but less than: ____ with two qualifying children

A

$40,964 ($46,044 if Married Filing Jointly) with two qualifying children

17
Q

To be eligible for a full or partial credit, the taxpayer must have earned income of at least $1 but less than: ____ with three or more qualifying children

A

$43,998 ($49,078 if Married Filing Jointly) with three or more qualifying children

18
Q

To be eligible for a full or partial credit, the taxpayer must have earned income of at least $1 but less than: ____ with no qualifying children

A

$13,660 ($18,740 if Married Filing Jointly) with no qualifying child

19
Q

Investment Income Taxpayers whose investment income is more than ____ cannot claim the EIC.

A

$3150

20
Q

Can someone have advance EIC payments?

A

No.