Test Bank for Fundamentals of Taxation 2024 Edition, 17th Edition by Ana Cruz
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Module
Taxation
Institution
Taxation
Test Bank for Fundamentals of Taxation 2024 Edition, 17th Edition 17e by Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler and Jinhee Trone. Full Chapters test bank are included - Chapter 1 to 15
Chapter 1: Introduction to Taxation, the Income Tax Formula, and For...
Chap 01 2024 17e
1) The U.S. individual income tax system is an example of a progressive tax rate structure.
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⊚ false
2) A proportional tax rate structure is a tax where the tax rate remains at the same rate
regardless of the tax base.
⊚ true
⊚ false
3) Under a flat tax, the marginal tax rate and the average tax rate are different.
⊚ true
⊚ false
4) State and local taxes levied on either property or sales are examples of progressive taxes.
⊚ true
⊚ false
5) With a regressive tax, the tax rate increases as the tax base gets larger.
⊚ true
⊚ false
6) The marginal tax rate is the total tax liability divided by the taxable income.
⊚ true
⊚ false
7) The average tax rate is the total tax liability divided by the taxable income.
⊚ true
⊚ false
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, 8) All individual income tax returns follow the basic structure of the simplified tax formula.
⊚ true
⊚ false
9) With a progressive rate structure, the average tax rate is always smaller than the marginal tax
rate.
⊚ true
⊚ false
10) At high levels of taxable income, the average tax rate and the marginal tax rate will always
be the same.
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⊚ false
11) Wages, salaries, and tips are compensation for services rendered. However, commissions,
bonuses, and severance pay are not taxable.
⊚ true
⊚ false
12) Federal unemployment compensation benefits are not taxable.
⊚ true
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13) A single taxpayer cannot file a Form 1040 if she is age 65 or older.
⊚ true
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14) One of the criteria to file a Form 1040 is that the total taxable income of the taxpayer cannot
exceed $100,000.
⊚ true
⊚ false
2
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