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Under the TCJA,personal and dependency exemptions in 2018

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Under the TCJA,personal and dependency exemptions in 2018

The following questions are based on the Tax Cuts and Jobs Act (TCJA) signed by the President on December 22, 2017, unless otherwise noted.

 

  1. Under the TCJA, personal and dependency exemptions in 2018
  2. are doubled
  3. remain the same
  4. are eliminated
  5. None of the above.
  6. Under the TCJA, miscellaneous itemized deductions, which in 2017 needed to exceed 2 percent of AGI to be deductible, in 2018
  7. are doubled
  8. remain the same
  9. are eliminated
  10. None of the above.
  11. Under the TCJA, individual income tax rates in 2018 in general
  12. are increased
  13. remain the same
  14. are eliminated
  15. are decreased
  16. None of the above.

Under the TCJA,personal and dependency exemptions in 2018

  1. Under the TCJA, the standard deductions in 2018
  2. are nearly doubled
  3. remain the same
  4. are eliminated
  5. are reduced
  6. None of the above.
  7. Under the TCJA, bonus depreciation in 2018
  8. Will be 100 percent
  9. remains the same
  10. is eliminated
  11. Applies to new and used property
  12. and D.

Under the TCJA, personal and dependency exemptions in 2018

  1. Under the TCJA, I.R.C. section 179 expensing for 2018
  2. Is increased to $1 million
  3. Is reduced when 179 property exceeds $2.5 million
  4. Both A. and B.
  5. Neither A. nor B.
  6. The TCJA
  7. Repeals the business entertainment deduction
  8. Limits business food and beverage deduction to 50% from 1/1/18-12/31/25
  9. Repeals the business food and beverage deduction after 2025
  10. All of the above.
  11. None of the above.
  12. The TCJA
  13. Limits I.R.C. section 1031 like kind exchanges to land which is not inventory
  14. Repeals the old I.R.C. section 199 DPAD (Domestic Production Activities Deduction)
  15. Repeals the I.R.C. section 132 Qualified Transportation Fringe Exclusion
  16. All of the above.
  17. None of the above.

 

  1. Under the TCJA’s R.C. section 199A 20% Qualified Business Income Deduction,

Under the TCJA,personal and dependency exemptions in 2018

  1. Qualified business income includes service income
  2. Service income does not include W-2 income and partner guaranteed payments
  3. C corporations do not qualify for the section 199A deduction
  4. Specified service businesses lose the section 199A deduction, if qualified business income exceeds the phase-out range, and lose the deduction proportionately within the phase-out range, to the extent qualified business income exceeds the lower limit of the phase-out range over the total dollars in the phase-out range, multiplied by the calculated deduction
  5. All of the above.
  6. Under the TCJA’s R.C. section 199A 20% Qualified Business Income Deduction, businesses with qualified business income, other than specified service businesses, if they exceed the phase-out ranges of 315,000-415,000 for MFJ or 157,500-207,500 for all other filing statuses

 

  1. Can still take a 199A deduction

 

  1. Are limited to the greater 50% of W-2 wages paid by the business or the sum of 25% of W-2 wages + 2.5% unadjusted basis of depreciable property immediately after acquisition

Under the TCJA,personal and dependency exemptions in 2018

  1. Do not lose the deduction entirely; service businesses lose the deduction entirely if the qualified business income exceeds the phase-out range

 

  1. All of the above.

 

  1. None of the above.

 

  1. Under the TCJA’s R.C. section 199A 20% Qualified Business Income Deduction, service businesses do not include

 

  1. Healthcare, Law, Accounting
  2. Engineering or Architecture
  3. Athletics
  4. Consulting
  5. None of the above.

Under the TCJA,personal and dependency exemptions in 2018

  1. Under the TCJA’s R.C. section 199A 20% Qualified Business Income Deduction, qualified business income includes

 

  1. Schedule E net rental income

 

  1. Investment Income such as Capital Gains, Interest, and Dividends

 

  1. Guaranteed payments to partners

 

  1. S corporation salaries

 

  1. None of the above.

 

 

  1. Under the TCJA
  2. The corporate tax rate is a flat 21%
  3. The personal service corporation income tax rate of 35% is repealed
  4. The corporate, but not the individual, AMT is repealed
  5. The 80% DRD is reduced to 65% and the 70% DRD is reduced to 50%.
  6. All of the above.
  7. Under the TCJA,
  8. There is new credit for employer provided family leave
  9. The new credit for employer provided family leave is 12.5% of wages paid on family leave, if the family leave paid is at least 50% of wages
  10. The new credit for employer provided family leave increases .25% for each 1% of wages paid while on family leave
  11. All of the above.
  12. None of the above.
  13. For taxpayers husband and wife with two children,
  14. During the 2017 presidential campaign, then candidate Donald Trump promised a tax cut of 35%.
  15. The TCJA might provide two child tax credits, one for each child, in the amount of $2,000 for per child, as long as a child does not reach age 17 in a tax year
  16. The TCJA might provide a tax increase depending on, among other provisions, the child tax credit, tax rate, and lost itemized deductions despite increased standard deduction
  17. All of the above.
  18. None of the above.