Qualified, nontaxable distributions may be taken from a 529 plan for all of the following EXCEPT: a. Up to $10,000 per student per year for tutition at a public, private, or religious school for grades K through 12. b. Up to the annual contribution limit for an ABLE account holder, who is also the beneficiary of the 529 account, to be rolleded into the beneficiary's ABLE account penalty free c. The cost of a computer used by the beneficary of the plan during years the beneficiary is enrolled in an eligible institution d. Up to $5,000 per year for medical expenses for a beneficiary of the plan while attending a qualified education institution
Qualified, nontaxable distributions may be taken from a 529 plan for all of the following EXCEPT: a. Up to $10,000 per student per year for tutition at a public, private, or religious school for grades K through 12. b. Up to the annual contribution limit for an ABLE account holder, who is also the beneficiary of the 529 account, to be rolleded into the beneficiary's ABLE account penalty free c. The cost of a computer used by the beneficary of the plan during years the beneficiary is enrolled in an eligible institution d. Up to $5,000 per year for medical expenses for a beneficiary of the plan while attending a qualified education institution
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1. If a taxpayer works for two separateemployers, how much in FUTA taxes is each employer responsible toremit in the name of the taxpayer? (Points : 1) Only the first employer isrequired to remit FUTA taxes on the wages earned from the firstjob.
Both employers must remit FUTAtaxes on the first $7,000 in wages they pay to the taxpayer.
The first employer remits 5.4%on the first $7,000 in wages while the second employer remits only.8% on the first $7,000 in wages to equal the 6.2% rate.
The first employer remits FUTAtax on the first $7,000 in wages and the second employer remitsFUTA tax on the next $7,000 in wages.
$500. $800. $1,000. |
Rollovers are permitted only inunusual circumstances. A tax-free rollover can be madefrom a traditional IRA to another traditional IRA. A tax-free rollover can be madefrom a traditional IRA to a Roth IRA. |
Qualified education expensesinclude required tuition, fees, books, supplies, and equipment atan eligible educational institution. Qualified expenses must bereduced by scholarships or other tax-free income. All of the above. |
$1,200. $1,260. $6,300. |
Employees who received over$85,000 compensation in the previous year. Employees who were in the top25% of employees based on compensation. None of the above. |
$1,400. $1,600. $1,650. |
Directly to the authorizeddepository on the same day the Form 941 is mailed. Directly to the InternalRevenue Service when they file Form 941. Directly only if they use theEFTPS form of payment before Form 941 is filed. |
$350 $825. $1,375 |
Federal withholdingtaxes. Unemployment taxes. All of the above. |
