The self-employment tax rate is made up of the Social Security portion, which is ____, and the Medicare portion, which is ___.

a.1.45%; 7.65%.

b.12.4%; 2.9%.

c.6.2%; 7.65%.

d.1.45%; 6.2%.

Which of the following refers to your income after deductions?

a.Assessed income.

b.Tax formula.

c.Gross income.

d.Adjusted gross income (AGI).

A refundable tax credit is one that:

a.may result in the federal government giving money back in excess of taxes paid.

b.always results in your tax liability being eliminated.

c.may result in a negative effective tax rate.

d.both may result in the federal government giving money back in excess of taxes paid and may result in a negative effective tax rate.