1. The annual contribution limit to a 401(k) plan is _____. Answer: A. $6,000 B. $7,000 C. $13,500 D. $19,500 2. For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $_____. Answer: A. $6,000 B. $7,000 C. $5,500 D. $6,500 3. Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. $0 B. $125,000 C. $200,000 D. $250,000

1. The annual contribution limit to a 401(k) plan is _. Answer: A. $6,000 B. $7,000 C. $13,500 D. $19,500 2. For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $_. Answer: A. $6,000 B. $7,000 C. $5,500 D. $6,500 3. Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. $0 B. $125,000 C. $200,000 D. $250,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 13MCQ

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