100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition $15.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Income Tax Fundamentals 2024, 42nd Edition
  4.  
  5. Income Tax Fundamentals 2024, 42nd edition

Exam (elaborations)

TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition
 1 view  0 purchase
  • Course
  • Income Tax Fundamentals 2024, 42nd edition
  • Institution
  • Income Tax Fundamentals 2024, 42nd Edition

TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition...

[Show more]

Preview 4 out of 212  pages

Document information

  • October 26, 2024
  • 212
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 9780357719527
  • income tax
  • income tax fundamentals 2024 42nd edition
  • test bank for income tax fundamentals 2024 42nd e
  • income tax fundamentals 2024
  • 42nd edition by gerald whittenburg

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (20)

Written for

  • Income Tax Fundamentals 2024, 42nd edition
  • Income Tax Fundamentals 2024, 42nd edition

Seller

avatar-seller
TestbanksAcademy

Content preview

,TABLE OF CONTENTS Y Y Y




1. The Individual Income Tax Return.
Y Y Y Y Y




2. Gross Income and Exclusions.
Y Y Y Y




3. Business Income and Expenses, Part I.
Y Y Y Y Y Y




4. Business Income and Expenses, Part II.
Y Y Y Y Y Y




5. Itemized Deductions and Other Incentives.
Y Y Y Y Y




6. Credits and Special Taxes.
Y Y Y Y




7. Accounting Periods and Methods and Depreciation.
Y Y Y Y Y Y




8. Capital Gains and Losses.
Y Y Y Y




9. Withholding, Estimated Payments, and Payroll Taxes.
Y Y Y Y Y Y




10. Partnership Taxation.
Y Y




11. The Corporate Income Tax.
Y Y Y Y




12. Tax Administration and Tax Planning.
Y Y Y Y Y

,Chapter 1: The Individual Income Tax Return
Y Y Y Y Y Y




1. AYcorporationYisYaYreportingYentityYbutYnotYaYtax-payingYentity.
FALSE



2. PartnershipY capitalY gainsY andYlossesY areYallocatedY separatelyY toY eachYofY theY partners.
TRUE



3. MarriedY taxpayersY mayY doubleY theirY standardY deductionY amountY byY filingY separateYreturns.
FALSE



4. AnYitemY isY notYincludedYinY grossYincomeYunlessY theY taxY lawY specifiesY thatY theYitemY isYsubjec
tYtoYtaxation.
FALSE



5. ForY taxpayersY whoY doY notY itemizeY deductions,Y theY standardY deductionY amountY isYsubtract
edYfromYtheYtaxpayer'sYadjustedYgrossYincome.
TRUE



6. AYtaxpayerYwithYself-employmentYincomeYofY$600YmustYfileYaYtaxYreturn.
TRUE



7. AY dependentY childY withY earnedY incomeY inY excessY ofY theY availableY standardY deductionYamount
YmustYfileYaYtaxYreturn.

TRUE



8. AY singleY taxpayer,Y whoY isY notY blindY andY whoY isY underY ageY 65,Y withY incomeY ofY $8,750Ymust
YfileYaYtaxYreturn.

FALSE

, 9. IfYaYtaxpayerYisYdueYaYrefund,YitYwillYbeYmailedYtoYtheYtaxpayerYregardlessYofYwhetherYheYorYsheY
filesYaYtaxYreturn.
FALSE



10. TaxpayersYwithYself-employmentYincomeYofY$400YorYmoreYmustYfileYaYtaxYreturn.
TRUE



11. IfY yourY spouseY diesY duringY theY taxY yearY andY youY doY notY remarry,Y youY mustY fileY asYsingl
eYforYtheYyearYofYdeath.
FALSE



12. TaxpayersYwhoYdoYnotYqualifyYforYmarried,YheadYofYhousehold,YorYqualifyingYwidowYorYwido
werYfilingYstatusYmustYfileYasYsingle.
TRUE



13. IfYanYunmarriedYtaxpayerYpaidYmoreYthanYhalfY theY costYofY keepingY aYhomeY whichYisY theYprincip
alYplaceYofYresidenceYofYaYnephew,Y whoYisYnotY herYdependent,Y sheYmayYuseYtheYheadYofYhousehold
YfilingYstatus.

FALSE



14. TheYmaximumYofficialYindividualYincomeY taxYrateYforY2012YisY35Ypercent.
TRUE



15. AllYtaxpayersYmayYuseYtheYtaxYrateYscheduleYtoYdetermineYtheirYtaxYliability.
FALSE



16. TheY headYofYhouseholdYtaxYratesY areYhigherYthanY theYratesY forYaYsingleYtaxpayer.
FALSE



17. MostY statesY areY communityY propertyY states.
FALSE

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestbanksAcademy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85443 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.99
  • (0)
  Add to cart