WGU C239 Exam Package 2023

An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%.Which tax structure is being applied to the individual's taxable income? Base Regressive Progressive Proportional - ANSWER-Proportional ...

1. Why would a taxpayer need to include IRS Form 8332, Release/Revocation of Claim to Exemption of Child by Custodial Parent, in their personal income tax return? A. To allow a noncustodial ex-spouse permission to take the child's dependency exemption, or to revoke same. B. To disallow an ex-spo...

Sec. 351 - ANSWER-Transferor recognizes no gain/loss (deferred until sale or exchange) when they transfer property to a corporation solely in exchange for stock if they are in control immediately after transfer Sec. 351 Property - ANSWER-Cash & almost any other assets (AR, Inventory, Equipment) ...

True or False A common example of an employment related tax is the Medicare tax. - ANSWER-True Which of the following is not an example of a graduated tax rate structure? a. Progressive tax rate structure b. Proportional tax rate structure c. U.S. Federal Income Tax d. Regressive tax rate ...

What qualifies as a tax? - ANSWER-Is to fund the government agencies that's required, imposed by a government and not tied directly to the benefit received by the taxpayer. Earmarked tax - ANSWER-a tax that is assessed for a specific purpose Tax base - ANSWER-Is the item being taxed x the tax...