Federal Taxes Exam Questions with Complete Answers (100% Accurate) Federal Taxation 1 All Test Questions with Complete Solutions (Latest 2023) Federal Taxation Exam Questions with 100% Correct Answers (Latest 2023) Federal Taxation Chapter 1 Introduction Questions with Correct Answers Federal Taxat...
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Incremental basis Correct Answer federal income tax is changed on an incremental basis rather than a complete revision basis. Under so-called incrementalism, when a change in the tax law is deemed necessary by Congress, the entire law is not changed, but specific provisions of the tax law are added,...
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Add to cartIncremental basis Correct Answer federal income tax is changed on an incremental basis rather than a complete revision basis. Under so-called incrementalism, when a change in the tax law is deemed necessary by Congress, the entire law is not changed, but specific provisions of the tax law are added,...
Adjusted Gross Income (AGI) Correct Answer Gross income less "above the line deductions" Gross Income Definition Correct Answer Gross income includes any economic benefit or any clearly realized accession to your wealth. Realization Correct Answer The increased or decreased value of an asset...
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Add to cartAdjusted Gross Income (AGI) Correct Answer Gross income less "above the line deductions" Gross Income Definition Correct Answer Gross income includes any economic benefit or any clearly realized accession to your wealth. Realization Correct Answer The increased or decreased value of an asset...
What is taxation? Correct Answer - The primary purpose is to raise revenue for government operations. - Is often used as a tool to influence the behavior of individuals and businesses. - ex. Income tax credits are designed to encourage people to purchase a fuel-efficient car. - ex. A tobacco ex...
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Add to cartWhat is taxation? Correct Answer - The primary purpose is to raise revenue for government operations. - Is often used as a tool to influence the behavior of individuals and businesses. - ex. Income tax credits are designed to encourage people to purchase a fuel-efficient car. - ex. A tobacco ex...
Sixteenth Amendment Correct Answer The Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration (ratified in 1913) Internal Revenue Code Correct Answer (1939) Th...
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Add to cartSixteenth Amendment Correct Answer The Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration (ratified in 1913) Internal Revenue Code Correct Answer (1939) Th...
Corporate Tax Correct Answer Can be as high as 35% Individual Correct Answer Can be over 40% Tax Laws Correct Answer are often used to achieve social and economic objectives Federal Income Tax Correct Answer The dominant form of taxation in the United States Income Tax Correct Answer Mos...
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Add to cartCorporate Tax Correct Answer Can be as high as 35% Individual Correct Answer Can be over 40% Tax Laws Correct Answer are often used to achieve social and economic objectives Federal Income Tax Correct Answer The dominant form of taxation in the United States Income Tax Correct Answer Mos...
Decisions in which taxes are an influencing factor Correct Answer Taxes affect many aspects of personal, business, and political decisions (1-3) Components necessary to calculate tax Correct Answer Tax=Tax Base x Tax Rate Definition of tax Correct Answer A payment required by a government that...
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Add to cartDecisions in which taxes are an influencing factor Correct Answer Taxes affect many aspects of personal, business, and political decisions (1-3) Components necessary to calculate tax Correct Answer Tax=Tax Base x Tax Rate Definition of tax Correct Answer A payment required by a government that...
The federal government gets its revenue from taxes. What is a synonym for 'revenue?' _________________. Correct Answer Income No federal estate taxes are paid until the value of the estate exceeds ____________________. Correct Answer 5,000,000 From what type of tax does the federal government ge...
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Add to cartThe federal government gets its revenue from taxes. What is a synonym for 'revenue?' _________________. Correct Answer Income No federal estate taxes are paid until the value of the estate exceeds ____________________. Correct Answer 5,000,000 From what type of tax does the federal government ge...
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