1. Capital losses:
a) can offset ordinary income up to a maximum of $3000 in a tax year
b) may be
carried back two years and then carried forward 15 years
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlinesOrder Paper Now
c) may only be claimed against other investment income
d) are disallowed if the tax payer’s filling status is married filling separately
2. FICA applies to which of the following?
a) individuals who report only interest and dividend income
b) corporations that report less than $50,000 in gross receipts
c) individuals who report only distributions from retirement accounts
d) independent contractors reporting net earnings from self-employment of $400 or more
Please choose the correct answers.