1. An individual who expects to receive more than $250 of income from sources other than wages meets the requirements for having to file quarterly estimated tax payments. Group of answer choices True False

3. Only self-employed individuals are required to make estimated tax payments. Group of answer choices True False

4. A nondeductible penalty is imposed on underpayments of estimated taxes. Group of answer choices True False

5. The IRS charges a fixed 10% interest rate on underpayments of taxes. Group of answer choices True False

6. An Extension of Time to File also allows a taxpayer an additonal amount of time to pay without any penalty. Group of answer choices True False

7. The tax rate schedules are set up to tax lower levels of income at higher tax rates than higher levels of income. Group of answer choices True False

8. A marriage penalty occurs when a couple pays more taxes by filing a joint tax return than they would have paid had they filed married filing separate returns. Group of answer choices True False

9. Generally, income from an active trade or business is subject to the 3.8% net investment income tax. Group of answer choices True False

10. The kiddie tax does not apply to children over 24 years old at the end of the tax year. Group of answer choices True False

11. Katlyn reported $300 of net income from her sole proprietorship. She is not required to pay self-employment tax. Group of answer choices True False

12. An individual could pay 100% of her tax liability by the due date of her tax return and still be subject to underpayment tax penalties. Group of answer choices True False

17. The late payment penalty is based on the amount of tax owed and the number of days that the tax is not paid. The maximum amount of the penalty is unlimited. Group of answer choices true false