What is the amount of the social security wage limitation for 2017? Multiple Cho

Question

What is the amount of the social security wage limitation for 2017?

Multiple Choice

$118,500.

$127,200.

$110,100.

$117,000.

.

.

The failure to file penalty is ________ of the tax shown on the return for each month (or fraction of a month) the tax return is not filed, up to a maximum of 25%.

Multiple Choice

0.25%

0.5%

5.0%

5.5%

.

.

Ed's parents can claim him as a dependent on their tax return. In 2017, his only source of income was $1,050 of interest income received from Global Bank. What is Ed's standard deduction?

Multiple Choice

$350.

$4,050.

$1,050.

$1,000.

Explanation / Answer

Question - 1 .............. $127,200.

This was increase during the year 2017 from previous base of 118,500 to 127,200

Question - 2 ............ 5%

When we fail to file the return on due date, 5% per month is the penality but not exceeding 25% of tax liability shown in the return.

Question - 3 .............. $1,050.

For earned income below 6350, all income can be taken as standard deduction making zero earned income for Ed.

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