1. If a taxpayer works for two separate employers, how much in FUTA taxes is each employer responsible to remit in the name of the taxpayer? (Points : 1) Only the first employer is required to remit FUTA taxes on the wages earned from the first job. Both employers must remit FUTA taxes 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 FUTA tax on the first $7,000 in wages and the second employer remits FUTA tax on the next $7,000 in wages.

2. Sandra is single and her son Julius is 12 years old. If her AGI is $79,000, what amount of child tax credit can Sandra claim? (Points : 1)

$0. $500. $800. $1,000.

3. Regarding a full or partial rollover of assets from one retirement plan to another retirement plan: (Points : 1)

Rollovers are normally taxable to the beneficiary. Rollovers are permitted only in unusual circumstances. A tax-free rollover can be made from a traditional IRA to another traditional IRA. A tax-free rollover can be made from a traditional IRA to a Roth IRA.

4. Regarding a Coverdell Education Savings Account: (Points : 1)

Distributions are tax-free to the beneficiary if they are used for his or her qualified education expenses. Qualified education expenses include required tuition, fees, books, supplies, and equipment at an eligible educational institution. Qualified expenses must be reduced by scholarships or other tax-free income. All of the above.

5. Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51,000 and paid $6,300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? (Points : 1)

$600. $1,200. $1,260. $6,300.

6. In order to obtain and retain qualified status, a pension or profit-sharing plan must not discriminate in favor of highly compensated employees which include: (Points : 1)

Employees who own more than 5% of the corporation's stock. Employees who received over $85,000 compensation in the previous year. Employees who were in the top 25% of employees based on compensation. None of the above.

7. DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada. Nicole is a sophomore. DJ and Nicolette's AGI is $95,000. What is their maximum allowable Hope credit after the credit phase-out based on AGI is taken into account? (Points : 1)

$0. $1,400. $1,600. $1,650.

8. Employers with a payroll tax liability of less than $2,500 at the end of any quarter pay their tax liability: (Points : 1)

Directly to the authorized depository after the end of the quarter when Form 941 is filed. Directly to the authorized depository on the same day the Form 941 is mailed. Directly to the Internal Revenue Service when they file Form 941. Directly only if they use the EFTPS form of payment before Form 941 is filed.

9. Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits? (Points : 1)

$250. $350 $825. $1,375

10. Supplemental wages are subject to the following taxes: (Points : 1)

FICA taxes. Federal withholding taxes. Unemployment taxes. All of the above.