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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.
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.
- True
- False
- If listed property is used more than 50 percent in a qualified business use, depreciation must be calculated using the straight-line method.
- True
- False
- The child tax credit is not available for children ages 17 and older,
- True
- False
- Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.
- True
- False
- 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.
- True
- False
- For 2019, the maximum base amount fbr computing the Medicare portion of the self-employment tax is $250,000.
- True
- False
- Taxpayers with large amounts of deductions may claim extra withholding allowances on their Form W-4s.
- Trae
- False
- The exchange of inventory does not qualify for like-kind exchange treatment.
- True
- False
- A credit against the FUTA tax is available for state unemployment tax paid by the employer.
- True
- False
- The amount of excludable employee reimbursement in 2019 fbr parking and mass transit costs are each $265 per month.
- True
- False
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