In Order to Meet the Time Test for Qualifying Moving

question 30

Multiple Choice

In order to meet the time test for qualifying moving expenses,a taxpayer must:

• A)Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area.
• B)Be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period.
• C)Remain employed only in the initial new job for the entire 39 or 78 week period.
• D)a and

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Definitions:

Regressive Tax

A tax system that takes a smaller percentage of income from individuals as their income increases, often considered less fair to lower-income earners.

Payroll Taxes

Financial obligations required from both employers and employees, pegged to a fraction of the payroll expenses incurred by employers.

Federal Tax Revenues

The income received by the federal government from taxes and other sources used to fund public expenditures.

Excise Tax

An excise tax is a specific tax levied on the sale of certain goods and services, such as alcohol, tobacco, and fuel, usually with the aim of discouraging their use or raising government revenue.