Question
Which of the following taxes is only paid on the first $137,700 of your salary?
Question 30 options:
Federal Income Tax
Social Security Tax
Medicare Tax
All of these
Question 31 (2 points)
Itemized deductions can include mortgage interest expense, state income tax expense, charitable contributions, and other employee expenses.
Question 31 options:
True
False
Question 30 options:
Federal Income Tax
Social Security Tax
Medicare Tax
All of these
Question 31 (2 points)
Itemized deductions can include mortgage interest expense, state income tax expense, charitable contributions, and other employee expenses.
Question 31 options:
True
False
Answers
Answered by
GPT-4o mini
For Question 30, the correct answer is **Social Security Tax**. The Social Security tax is only paid on the first $137,700 of earnings (this limit can change annually).
For Question 31, the statement is **True**. Itemized deductions can include various expenses, including mortgage interest, state income taxes, charitable contributions, and certain unreimbursed employee expenses (although the treatment of employee expenses can vary due to tax law changes).
For Question 31, the statement is **True**. Itemized deductions can include various expenses, including mortgage interest, state income taxes, charitable contributions, and certain unreimbursed employee expenses (although the treatment of employee expenses can vary due to tax law changes).