Test Bank for Income Tax Fundamentals 2023, 41st Edition Whittenburg (All Chapters included)
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Module
Income tax
Institution
Income Tax
Complete Test Bank for Income Tax Fundamentals 2023, 41st Edition by Gerald E. Whittenburg, Steven Gill ; ISBN13: 9780357719527. (Full Chapters included Chapter 1 to 12)....1. The Individual Income Tax Return.
2. Gross Income and Exclusions.
3. Business Income and Expenses, Part I.
4. Business I...
ncome Tax Fundamentals 2023
41st Edition by Gerald E. Whittenburg
Complete Chapters Test Bank
are included (Ch 1 to 12)
** Immediate Download
** Swift Response
** All Chapters included
,Name: Class: Date:
Chap 01 2023
Indicate whether the statement is true or false.
1. Malik, age 22, is enrolled in college on a full-time basis. His parents provide all of his support. Malik may be
claimed as a dependent by his parents.
a. True
b. False
2. A dependent that dies during the tax year may still qualify as a dependent.
a. True
b. False
3. The U.S. federal tax law's sole purpose is to raise revenue.
a. True
b. False
4. The maximum official individual income tax rate for 2022 is 39.6 percent, not including the Medicare surtax on
net investment income.
a. True
b. False
5. If an unmarried taxpayer paid more than half the cost of keeping a home which is the principal place of
residence of a nephew who is not their dependent, they may use the head of household filing status.
a. True
b. False
6. Most states are community property states.
a. True
b. False
7. An item is included in gross income unless the tax law specifies that the item is subject to exclusion.
a. True
b. False
8. Taxpayers who live alone, are legally separated from their spouses under a separate maintenance decree at
year-end, and have no dependents should file as single.
a. True
b. False
9. The head of household tax rates are higher than the rates for a single taxpayer.
a. True
b. False
10. If taxpayers are married and living together at the end of the year, they must file a joint tax return.
a. True
b. False
Page 1
, Name: Class: Date:
Chap 01 2023
11. The two types of dependents are qualifying child or qualifying relative.
a. True
b. False
12. All taxpayers may use the tax rate schedule to determine their tax liability.
a. True
b. False
13. Taxpayers who do not qualify for married, head of household, or surviving spouse filing status must file as
single.
a. True
b. False
14. Taxpayers can download tax forms from the IRS Internet site.
a. True
b. False
15. If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.
a. True
b. False
16. An individual taxpayer with a net capital loss may deduct up to $3,000 per year against ordinary income.
a. True
b. False
17. Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions,
whichever is higher.
a. True
b. False
18. An 18-year-old full-time student who is claimed on the parents' tax return as a dependent is eligible for the child
tax credit.
a. True
b. False
19. A single taxpayer, who is not a dependent on another’s return, not blind, and under age 65, with income of
$11,800 must file a tax return.
a. True
b. False
20. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether a tax return is filed.
a. True
b. False
Page 2
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