COMPREHENSIVE TEST NO. 3 assesses knowledge on employee compensation and tax reporting, focusing on Form W-2, taxable benefits, and disability payments. It is crucial for understanding employer-employee tax responsibilities.
1099-OID
1099-DIV
1099-INT
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False
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1099-INT
1099-DIV
1099-OID
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False
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False
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$4200
$2100
$1050
$0
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The age at which you can first receive Social Security payments if you are not disabled.
Age 65
Age 59 1/2
The age at which you can first receive a pension or annuity if you are not disabled.
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Line 7
Line 12 (a & b)
Line 16 (a & b)
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True
False
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Exempt-interest Dividends
Housing allowance stipulated as such that is part of a minister's pay used wholly to pay rent on the home in which s/he lives.
A lump sum payment for cancellation of your employment contract.
Tips of less than $20 in any one month from any one job.
Non-pension payments made to military personnel on active duty.
Veteran's benefits paid under a law administered by the VA.
Life insurance proceeds received in a lump sum.
The premium your one employer paid for you covering you with $50,000 of group-term life insurance if this was non-key person life insurance.
The premium your one employer paid for you covering you with $35,000 in group-permanent life insurance coverage.
The cost of $40,000 of term-life insurance coverage that your one employer paid for you only because you were so valuable to him/her.
Compensatory damages you received for physical sickness or physical injury, whether paid in a lump-sum or periodic payments.
Amounts received as workers' compensation for an occupational sickness or injury paid under a workers' compensation act.
Interest paid on U.S. Savings Bonds by "cash method" taxpayers.
Disability income received for personal sickness or injury from a plan paid for by you.
Interest paid by the IRS on a tax refund.
A fee a minister receives for performing a baptism.
Personal use of employer provided car.
A part of your compensation contributed by your employer to an "elective deferral" (401(k)) plan for you of $17,500 or less (excluding Section 457 Plans).
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Form 4137 is used to figure Social Security and Medicare tax on tips of $20 or less in any month that were not reported to an employer.
Form 4137 is used to figure Social Security and Medicare tax on tips of less than $20 in any month that were not reported to an employer.
Form 4137 is used to figure Social Security and Medicare tax on tips of $20 or more in any month that were not reported to an employer.
Form 4137 is used to figure Social Security and Medicare tax on tips of more than $20 in any month that were not reported to an employer.
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Rents
Medicare Tax Withheld
Social Security Tax Withheld
Interest
Back Pay Awards
Royalties
Tips
Capital Gain Distributions
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