Highlight the correct answers for the worksheet attached.

1 Marks: 1 You do not have to file a 2017 Form 1040, or 1040A, unless your \"gross income\" is at least ______ if filing as Head of Household (with one dependent). Choose one answer. a. $17,400 b. $17,450 c. $16,000 d. $13,950 Question 2 Marks: 1 For 2017, Taxpayers filing as Married Joint, with a modified AGI at or above the following dollar amount, will not be able to make a qualified contribution to a Roth IRA. Choose one answer. a. $194,000 b. $193,000 c. $188,000 d. $196,000 Question 3 Marks: 1 For 2017, the standard mileage rate for the business use of operating your car is ____. Choose one answer. a. 51 cents per mile b. 53.5 cents per mile c. 54 cents per mile d. 53 cents a mile Question 4 Marks: 1 For 2017, the standard mileage rate for the cost of operating your car for medical reasons is _____ Choose one answer. a. 22.5 cents per mile b. 20 cents per mile c. 19 cents per mile d. 17 cents per mile Question 5 Marks: 1 Which of the following statements is correct concerning the Social Security tax (FICA) for 2017? Choose one answer. a. Social Security is financed by a 6.2 percent tax on wages up to the annual threshold that is paid entirely by workers (wage earners). b. Self-employed individuals generally do not pay into the Social Security system. c. The maximum amount of wages subject to Social Security taxes for 2016 has been set at $115,500 d. Social Security is financed by a 12.4 percent tax on wages up to the annual threshold, with half (6.2 percent) paid by workers (wage earners) and the other half paid by employers. 6 Marks: 1 In 2017 high income earners will see a top marginal tax rate of _______. Choose one answer. a. 38 percent b. 28 percent c. 36.9 percent d. 39.6 percent Question 7 Marks: 1 For taxable years beginning in 2017, the credit allowed for an adoption of a child with special needs is ________. Choose one answer. a. $10,000. b. $13,570 c. $12,880. d. $13,460. Question 8 Marks: 1 Short-term capital gains are taxed _______, for the 2017 tax year. Choose one answer. a. at a 15% tax rate. b. at the taxpayer's marginal tax rate as ordinary income, c. at a 20% tax rate. d. at the taxpayer's long-term capital gains tax rate. Question 9 Marks: 1 In 2017, the child tax credit may reduce tax by as much as _________for each qualifying child. Choose one answer. a. $500. b. $1,500. c. $1,000. d. $250. Question 10 Marks: 1 For 2017, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: ______ (______ if age 50 or older. Choose one answer. a. $6,000 / $7,000 b. $5,500 / $6,500 c. $4,000 / $5,000 d. $10,000 / $12,000 11 Marks: 1 Contributions can be made to your IRA at any time during the year or by the due date for filing your tax return for that year, not including extensions. For calendar year filers, the personal tax return due date for 2017 personal tax returns is ________. Choose one answer. a. April 17, 2018 b. April 15, 2018 c. March 15, 2018 d. December 31, 2017 Question 12 Marks: 1 The tax year 2017 maximum Earned Income Tax Credit is ______with three or more qualifying children. Choose one answer. a. $6,318 b. $5,920 c. $6,269 d. $5,572 Question 13 Marks: 1 For 2017, long-term capital gains will be taxed at a maximum tax rate of _____ for individuals in the highest tax bracket. Choose one answer. a. 20% b. 10% c. 15% d. 25% Question 14 Marks: 1 Under Bonus Depreciation businesses of all sizes will be able to depreciate _______of the cost of equipment acquired and put in service during 2015, 2016 and 2017. Choose one answer. a. 50 percent b. 45 percent c. 85 percent d. 25 percent Question 15 Marks: 1 __________is the mechanism that has been set-up by the federal government to find health care coverage under the Affordable Care Act (ACA). It can help an individual find health care coverage and compare alternative options. Choose one answer. a. Covered Insurance b. The Health Exchange c. The Marketplace d. The Care Site 16 Marks: 1 The Additional Medicare tax applies when a taxpayer's wages from all jobs exceeds the set threshold amount. Which of the following statements is true concerning this tax? Choose one answer. a. For married couples filing jointly, the additional Medicare tax applies on the couple's separate wages from their jobs. b. For taxpayers that owe the tax, the tax rate is 1.9 percent more in Medicare taxes. c. For married couples filing jointly, the additional Medicare tax applies on the couple's combined wages from their jobs. d. None of the above statements are true. Question 17 Marks: 1 If you are a single filer, the investment income statutory threshold amount for the Net Investment Income Tax (NIIT) is: Choose one answer. a. $250,000. b. $150,000. c. $200,000. d. $500,000. Question 18 Marks: 1 Beginning in 2017, a taxpayer claiming the American Opportunity credit is required to report the ____ of the educational institution to which the individual made tuition payments. Choose one answer. a. PTIN b. SSN c. W-8 d. EIN Question 19 Marks: 1 Which of the following is an accurate statement regarding the Small Business Health Care Tax Credit? Choose one answer. a. The credit is designed to encourage medium to large employers (employing more than 50 fulltime equivalent employees) to offer health insurance coverage for the first time or maintain coverage they already have. b. In general, the credit is available to small employers that pay at least 75% of the cost of single coverage for their employees. c. The credit is designed to encourage small employers (employing fewer than 25 full-time equivalent employees) to offer health insurance coverage for the first time or maintain coverage they already have. d. The Credit is not available to small tax-exempt organizations. Question 20 Marks: 1 For calendar year 2017, the first _____of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under IRC 2503 made during that year. Choose one answer. a. $13,500 b. $14,000 c. $10,000 d. $24,000