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CCH Federal Taxation Chapters 1-3 Exam Questions With Answers $10.69   Add to cart

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CCH Federal Taxation Chapters 1-3 Exam Questions With Answers

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CCH Federal Taxation Chapters 1-3 Exam Questions With Answers Who is the chairperson of the House of Ways and Means Committee? Dave Camp Who is the chairperson of the Senate and Finance Committee? Ron Wyden Who is the President's Secretary of the Treasury? Jacob Lew Who is the co...

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  • June 30, 2024
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  • 2023/2024
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CCH Federal Taxation Chapters 1-3 Exam
Questions With Answers
Who is the chairperson of the House of Ways and Means Committee?
Dave Camp


Who is the chairperson of the Senate and Finance Committee?
Ron Wyden


Who is the President's Secretary of the Treasury?
Jacob Lew


Who is the commissioner of the Internal Revenue Service (IRS) ?
John Koskinen


How much is the personal exemption amount in 2014?
$3950


Exception to the personal exemption :
Anyone who CAN BE claimed as a dependent on another person's tax return is not entitled to a
person exemption when they file their return.


Standard Deduction amount for filing : SINGLE
$6,200


Standard Deduction amount for filing : MARRIED FILING JOINTLY
$12,400


Standard Deduction amount for filing : MARRIED FILING SEPARATELY
$6,200


Standard Deduction amount for filing : HEAD OF HOUSEHOLD
$9,100


Standard Deduction amount for filing : SURVIVING SPOUSE
$12,400


How can someone get an additional standard deduction off of their AGI?
Blind and/or Age 65 and over


Additional Standard Deduction for M/J and S/S
$1,200


Additional Standard Deduction for Single and HoH

, $1,550


When is filing status determined?
On the last day of the calendar year.


Which filing status would an Abandoned Spouse file under?
Head of Household


Formula for Taxable Income
Gross Income
- Deductions from Gross Income
= Adjusted Gross Income (AGI)
- Standard / Itemized Deduction (Whichever is higher)
- Personal and Dependency Deductions
= TAXABLE INCOME


Pay as you go taxes are
tax prepayments every paycheck


Estimated Taxes are
tax prepayments every quarter (4 times a year)


If your net tax is GREATER THAN your tax prepayments...
additional taxes are due


If your net tax is LESS THAN your tax prepayments...
tax refund


At least 90% of tax owed is due by the end of each quarter in equal installments
If all taxes paid at the end of the year but not 90% at each quarter, a penalty is given


Safe Harbor
If the taxpayer pays 100% of the previous year's tax - there is no penalty.


Safe Harbor Exception
If the taxpayer's AGI exceeds $150,000, they must pay 110% of the previous year's tax.


For filing requirements _____________ is not included in Gross Income.
Social Security


________ automatically apply for Head of Household filing status
Abandoned Spouses


Where is all federal law begun?

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