In determining an employee's FICA tax to be withheld, the maximum amount of wages subject to FICA must be reduced by the taxpayer's self-employment earnings.

1. True
2. False

2. If listed property is used more than 50 percent in a qualified business use, depreciation must be calculated using the straight-line method.

1. True
2. False

3. The child tax credit is not available for children ages 17 and older,

1. True
2. False

4. Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.

1. True
2. False

5. If a taxpayer has too much income tax withheld from his salary during the tax year, the IRS will pay interest on the excess amount.

1. True
2. False

6. For 2019, the maximum base amount fbr computing the Medicare portion of the self-employment tax is $250,000.

1. True
2. False

7. Taxpayers with large amounts of deductions may claim extra withholding allowances on their Form W-4s.

1. Trae
2. False

8. The exchange of inventory does not qualify for like-kind exchange treatment.

1. True
2. False

9. A credit against the FUTA tax is available for state unemployment tax paid by the employer.

1. True
2. False

10. The amount of excludable employee reimbursement in 2019 fbr parking and mass transit costs are each $265 per month.

1. True
2. False