Tax

Question 1

Proportional

Answer 1

% paid is the same ie guy who makes 100 and 1000 pay 10 and 100

Question 2

regressive

Answer 2

If I make a million, I pay the same one dollar as the guy who is homeless

Question 3

Fica

Answer 3

Social Security 6.2 and Medicare 1.45

Question 4

Is there a ceiling on Social Security or Medicare

Answer 4

Social security has a ceiling, medicare does not

Question 5

FUTA

Answer 5

only payed by the employer

Question 6

IRS codified in

Answer 6

1939

Question 7

How to calculate Like kind

Answer 7

realized gain or boot whichever is less.

Question 8

Boot

Answer 8

cash or non-like-kind property

Question 9

Can gain from insurance be deferred

Answer 9

If it’s the same type of business and two years, must be due to actual insurance stuff ie selling the place doesn’t count

Question 10

Shareholder gainsfrom liquidations and corporate

Answer 10

FMV-basis in stock FMV-adjusted basis

Question 11

When does a corporate liquidation occur?

Answer 11

Ceases to exist as a going concern

Question 12

65 or older deduction and being blind 1350

Answer 12

1350 per person,

Question 13

Minimum amount of intrest income that require tax return be filed>

Answer 13

10150

Question 14

What % of SE is taxable

Answer 14

92.35