1. Capital losses:

a) can offset ordinary income up to a maximum of $3000 in a tax year

b) may be carried back two years and then carried forward 15 years

c) may only be claimed against other investment income

d) are disallowed if the tax payer's filling status is married filling separately

2. FICA applies to which of the following?

a) individuals who report only interest and dividend income

b) corporations that report less than $50,000 in gross receipts

c) individuals who report only distributions from retirement accounts

d) independent contractors reporting net earnings from self-employment of $400 or more

Please choose the correct answers.