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TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition$20.99
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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...
1. The Individual Income Tax Return.
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2. Gross Income and Exclusions.
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3. Business Income and Expenses, Part I.
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4. Business Income and Expenses, Part II.
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5. Itemized Deductions and Other Incentives.
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6. Credits and Special Taxes.
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7. Accounting Periods and Methods and Depreciation.
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8. Capital Gains and Losses.
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9. Withholding, Estimated Payments, and Payroll Taxes.
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10. Partnership Taxation.
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11. The Corporate Income Tax.
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12. Tax Administration and Tax Planning.
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,Chapter 1: The Individual Income Tax Return SK SK SK SK SK SK
1. A corporation is a reporting entity but not a tax-paying entity.
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FALSE
2. Partnership capital gains and losses are allocated separately to each of the partners.
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TRUE
3. Married taxpayers may double their standard deduction amount by filing separatereturns.
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FALSE
4. An item is not included in gross income unless the tax law specifies that the item issubject
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to taxation.
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FALSE
5. For taxpayers who do not itemize deductions, the standard deduction amount issubtract
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K
ed from the taxpayer's adjusted gross income.
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TRUE
6. A taxpayer with self-employment income of $600 must file a tax return.
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TRUE
7. A dependent child with earned income in excess of the available standard deductionamount
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must file a tax return.
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TRUE
8. A single taxpayer, who is not blind and who is under age 65, with income of $8,750must
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file a tax return.
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FALSE
, 9. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether heor she fil
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es a tax return.
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FALSE
10. Taxpayers with self-employment income of $400 or more must file a tax return.
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TRUE
11. If your spouse dies during the tax year and you do not remarry, you must file assingle
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K
for the year of death.
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FALSE
12. Taxpayers who do not qualify for married, head of household, or qualifying widow orwidow
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er filing status must file as single.
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TRUE
13. If an unmarried taxpayer paid more than half the cost of keeping a home which is theprincip
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al place of residence of a nephew, who is not her dependent, she may use the head of household f
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iling status. SK
FALSE
14. The maximum official individual income tax rate for 2012 is 35 percent.
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TRUE
15. All taxpayers may use the tax rate schedule to determine their tax liability.
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FALSE
16. The head of household tax rates are higher than the rates for a single taxpayer.
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FALSE
17. Most states are community property states.
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FALSE
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