Nope. But good effort.
Correct answer - Typically the top rate that applies to you
Your income is subject to different rates as you ascend the tax brackets. Your marginal tax rate is typically the top rate that applies to you. It’s what you would pay on your next dollar of income.
Learn more about marginal tax rates. |
You da' best.
Correct answer - Typically the top rate that applies to you
Actually, no it isn't.
Correct answer - Different types of income are taxed differently.
Income is divided into many different categories and subject to different tax rules. Ordinary income is generally taxed at higher rates, while long-term capital gains and dividends enjoy special lower rates. Earned income is subject to employment taxes, while certain kinds of investment income are subject to net investment income tax.
Learn how income is taxed. |
Way to go.
Correct answer - different types of income are taxed differently.
Good try, but not quite right.
Correct answer - AMT stands for Alternative minimum tax
The AMT is essentially a separate tax system with its own set of rates, rules and deductions. Each year you must calculate your tax liability under the regular income tax system and the AMT, and then pay the higher amount.
Learn more about alternative minimum tax.
Yep, you got it.
Correct answer - AMT stands for alternative minimum tax.
Outstanding.
Correct answer - Yes. State and local sales taxes apply.
Actually, they do.
Correct answer - State and local sales taxes apply.
Nearly all sales and use tax have provisions that apply the tax to rentals and leases of goods that would be taxed if purchased.
Learn more about sales tax.
Nice one.
Correct answer - Stock options give you the option of buying stock at set price; restricted stock is granted and vests once certain conditions are met.
No, I think you're mistaken.
Correct answer - Stock options give you the option of buying stock at a set price; restricted stock is granted and vests once certain conditions are met.
ISOs give you the option of buying stock at a set price and become valuable when the value of the stock exceeds the price. Restricted stock is granted and vests once certain conditions are met.
Learn more about restricted stock and ISOs.
Precisely.
Correct answer - Pass-through entities effectively pass through taxation to individual owners.
Sorry you didn't "pass-through" this question.
Correct answer - Pass-through entities effectively pass through taxation to individual owners.
Pass-through entities effectively “pass through” taxation to individual owners, so the business income is generally taxed only at the individual level.
Learn more about pass-throughs.
Good job.
Correct answer - No. You can deduct your out-of-pocket expenses, but not the fair market value of donated services.