Exam (elaborations)
UGBA 135 Question and Answers || Verified and approved
- Course
- Institution
UGBA 135 Question and Answers || Verified and approved
[Show more]
Seller
Follow
smartchoices
Reviews received
Content preview
UGBA 135 Question and Answers || Verified andapproved
Which of the following is not a reason for an IRS audit?( Answers marked as *) A. Low
credit scores (*)
B. Failure to sign a tax return
C. Mathematical errors
D. Not reporting all taxable income
Employers withhold from employees' paychecks the following items except( Answers
marked as *) A. Federal income taxes
B. Social Security
C. Income from a sole proprietorship (*)
D. Medicare
Unearned income includes all the following except( Answers marked as *) A.Capital
losses(*)
B.Capital gains
C.Dividends
D. Interest
Earned income includes all the following except( Answers marked as *) A.Commissions
B.Wages
C.Salaries
D.Insurance proceeds (*)
In a partnership the general partner:( Answers marked as *) Has unlimited liability
Which form will your employer require you to complete upon hiring?( Answers marked
as *) W-4
Which of the following is not eligible for a 20% pass-through tax deduction?( Answers
marked as *) A. C-corporation (*)
B.Limited liability corp. (LLC)
C.Proprietorship
, D.Partnership
Which of the following sources of income is not taxable?( Answers marked as *) A.Tips
B.Commissions
C.Bonuses
D. Child Support (*)
Qualified stock dividends are taxed at a maximum rate of( Answers marked as *) 20%
Profits from partnerships are taxes as:( Answers marked as *) A maximum 20%
Interest income is taxed the same as:( Answers marked as *) Ordinary income
Short term capital gains are taxed as:( Answers marked as *) Ordinary Income
Long term capital gains are taxed at a maximum rate of( Answers marked as *) 20%
Losses in excess of gains in any one year can be used to reduce taxable income up
to( Answers marked as *) $3,000
Adjusted Gross Income ("AGI") is what you get after subtracting from total income,
specific deductions except one of the following( Answers marked as *) A. Contributions
paid into a retirement plan
B. Tuition and fees deduction
C. Charitable deductions (*)
D. Student loan interest
If you have $14,000 of short term capital gains, and $7,500 of short term capital losses
in the same year, how much will be taxable to you?( Answers marked as *) $6,500
The wash sale rule is designed to( Answers marked as *) Disallow certain losses in the
trading of securities
If you buy 200 shares of stock in a taxable account for $22,500 on October 1st, sell
them for $18,000 on October 12th, and buy back 200 shares of the same stock on
October 28th for $19,000, what would be your reportable tax loss?( Answers marked as
*) A. $2,500
B. $3,500
C. $4,500
D. None of the above (*)
Stock options are granted by:( Answers marked as *) Board of Directors
Common tax credits( Answers marked as *) Are worth more than tax deductions
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 smartchoices. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.89. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now