Series 6 License, California

Card Set Information

Author:
GretchenRicker
ID:
213686
Filename:
Series 6 License, California
Updated:
2013-04-15 14:28:26
Tags:
Series
Folders:

Description:
My personal study cards for the Series 6 California License
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user GretchenRicker on FreezingBlue Flashcards. What would you like to do?


  1. What are the standard limits for "Qualified Plans" (401K's and IRA's, Keogh, 403b, 457 Plan)
    • Elective Deferral $17,500
    • Catch Up $5,500 ($23,000) Must be 50+
    • Max >of$51,000 or 100%
    • Max Considered Compensation $255,000
  2. What is different about the SEP IRA?
    • -There is an employer contribution limit of 25% or $51,000.
    • -Funded COMPLETELY BY EMPLOYER
    • -Age 21 and worked for last 3 of 5 years
    • -employee must have earned at least $550
    • -Catch up contributions to the IRA that holds the SEP but the holder must be 50 or older, limit is $6,500
  3. SIMPLE IRA
    • For small employers >100
    • -Employee must have earned at lease $5000
    • -employee limit $12,000
    • -catch up $2,500 ($14,500)
  4. Individual IRA
    • Limit of $5,000
    • Catch up $1,000
  5. What are the special restrictions on the Traditional IRA if you ARE covered by a plan at work.
    • MAGI
    • Single or Head -
    • $59< =full deduction, $59 to $69 = partial, $69+ no TAX deduction.

    • Married - $95, $115,
    • Married filing separately >$10 if above $10, no deduction.
  6. Traditional IRA - What are the restrictions if you aren't covered at work?
    • Single -No restrictions
    • Jointly with uncovered spouse - no restrictions
    • Spouse covered -  $178, $188
    • Married filing separately with covered spouse - $10 and $10
  7. ROTH IRA
    • Limit of $5,500
    • Catch up $1,000
    • Single, Single Head, $112,$127
  8. Coverdel ESA
    Contribution limit of $2,000 / beneficiary under 18
  9. 529 plan
    Max of 5 times the gift tax exclusion which is $14,000 for 2013. But you can't give them anything else for 5 years.

    Life time typically $300,000
  10. What is the American Taxpayer Relief Act? (ATRA)
    • -$5,250,000 exemption
    • -40% tax rate
    • -$10,500,000 to heirs tax free
    • Even if the estate falls below the 5 mil benchmark, the Generation Skipping Transfer form 706 must be filed.
  11. Form 1041
    • Estate Tax form
    • Must be filed on an estate larger than $600
    • Form is for tax emposed on income earned by the estate.
  12. Form 706
    form that computes the tax when the estate is transferred.
  13. Gift Tax Exclusion
    $14,000
  14. Lifetime Gift Tax Exemption
    • $5,250,000
    • 40% tax rate
  15. Generation Skipping Transfer Tax
    two generations or unrelated person 37.5 years younger

    • -$5,250,000
    • -40%
  16. Kiddy Tax Exclusion
    • -Under 19 or 24 if student
    • -No tax for first $1,000
    • $1,000 to $2,000 taxed at child rate
    • -above $2,000 taxed at parent's rate
  17. What are the lowest and highest tax brackets?
    • -10%
    • -MFJ above $450,000 = 39.6%
  18. What are the Long Term Capital Gains Rates?
    • -10% to 15% bracket=0%
    • -25% to 35% = 15%
    • -39.6% = 20%

    Non qualified dividends and SHORT TERM CAPITAL GAINS are taxed as ordinary income
  19. What is Qualified Dividend Income
    • -paid by U.S. Corp or qualified foreign Corp
    • -Must meet the holding period. (>60 days on either side of the ex-dividend date)
  20. Payroll tax rates
    • 6.2% for employed
    • 12.4% for self employed
  21. Income subject to Social Security
    $113,700
  22. Child Tax Credit
    $1,000 per child

What would you like to do?

Home > Flashcards > Print Preview