Question 53 of 75.Which of the following is a special tax treatment allowed to those who contribute to a 401(k) or 403(b) plan?
There are no limits on annual pre-tax contributions to 401(k) or 403(b) plans.
Qualified earnings are tax-exempt.
Pre-tax contributions reduce adjusted gross income.
Pre-tax contributions are deferred for social security and medicare taxes.
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Question 54 of 75.Gemma is not married. Her son, Kamden, lived with her all year. To claim the filing status of head of household, Gemma must:
Live in the U.S. more than half the year.
Maintain a quality living for the dependent and the household.
Pay over half the cost of maintaining the household for herself and Kamden.
Pay a substantial portion of the cost of maintaining the household for herself and Kamden.
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Question 55 of 75.Which of the following is a qualified contribution for an employee claiming the retirement savings contributions credit (Saver’s Credit)?
Savings account deposits.
Mandatory contribution made by an employer to a 403(b) public school retirement plan.
Employer contributions to a retirement plan.
Contribution to a Roth IRA.
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