Question 1 (1 point)

 

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves

 

Question 1 options:

 

	True
	False

Question 2 (1 point)

 

Corporations must pay estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed

 

Question 2 options:

 

	True
	False

Question 3 (1 point)

 

What type of business files their own informational tax return and the income derived from the business is taxed directly to the owners as there is no taxation on the business itself?

 

Question 3 options:

 

Â	Estates and trusts
Â	C corporations
Â	Sole proprietorship
Â	Partnership

Question 4 (1 point)

 

Municipalities generally rely on which type of taxes to raise the revenues it needs?

 

Question 4 options:

 

Â	Property tax
Â	Sales tax
Â	Income tax
Â	Value added tax

Question 5 (1 point)

 

Capital gains are treated more favorably than ordinary income when

 

Question 5 options:

 

Â	they are not treated more favorably
Â	they are both long term and short term capital gains
Â	they are long term capital gains
Â	they are short term capital gains

Question 6 (1 point)

 

A Corporation files form 1120S, an S Corporation files form 1120, a Partnership files form 1065, and a sole proprietorship files a Schedule C attached to an individuals form 1040. 

 

Question 6 options:

 

	True
	False

Question 7 (1 point)

 

The Tax Cuts and Jobs Act changes created a flat tax for corporations. What is the flat tax rate on a corporations taxable income?

 

 

Question 7 options:

 

Â	15%
Â	20%
Â	35%
Â	21%