WGU C237 (WGUC237)

WGU C237(ACCT 3630) PRE-ASSESSMENT: TAXATION I (NDC1) (PNDC) QUESTIONS AND ANSWERS 100% CORRECT

WGU C237 Tax 1 Two components of the tax calculation - correct answers tax base multiplied by the tax rate Characteristics of a "Tax" - correct answers >Payment required - NOT VOLUNTARY >Payment imposed by government agency (federal, state, local) >Payment not tied directly to benefit received by the taxpayer 16th Amendment - correct answers removed all doubt that a federal income tax was allowed under the U.S. Constitution Horizontal equity - correct answers taxpayers ...

Taxation I WGU - C237, Exam Questions and answers, 100% Accurate. VERIFIED. After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The preferred method of taxation was on business transactions as opposed to individual income tax. D. The U.S. Constitution...

Taxation 1. WGU - C237, Top Exam Questions and answers, 100% Accurate. VERIFIED. 1913 What year was the U.S. income tax on individuals permanently established? 1861 1894 1913 1924 Internal Revenue Code What is the highest level of legislative authority of tax law in the United States? American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code Court Decisions Revenue Rulings What are two primary sources of tax law in the Unit...

Taxation 1 C237 WGU, Exam Review Questions and answers, rated A+ 5 Characteristics of 'good' tax structure - -1. Convenience - Easily accessed 2. Certainty - Ensure government stable revenue, taxpayers have some degree of knowledge of their tax liability 3. Economy - Minimal compliance/admin costs 4. Equity - Fairness of tax to the taxpayers 5. Simplicity - Tax system easily understood/comply with 5 characteristics towards federal income tax - -Equity, Certainty, Convenience, Economy...

What is the nature of a progressive tax rate structure? - -increasing marginal tax rate as the tax base increases-federal taxes is an example Which two expenses are a tax-free use of a qualified tuition plan (QTP) distribution? - -QTP (such as 529 plans) allow for qualified higher education expenses such as tuition, room & board, books, supplies, computer equipment/software Which event would result in taxable income? - -Insolvent means they qualify as having less assets than their liabilit...

The two components of tax calculation are the tax rate and the taxpayers status - -FALSE What is the components of the tax calculation - -Tax rate & tax base The 9th Amendment to the U.S. Constitution removed all doubt that a federal income tax was allowed under the U.S. Constitution. - -FALSE Horizontal equity is defined in terms of taxpayers in similar situations whereas vertical equity is defined in terms of taxpayers in different situations. - -TRUE In considering the "economy" crite...

what is the only court that allows tax cases to be heard before the taxpayer pays the disputed liability? - correct answers U.S. Tax Court Timing strategies: Accelerating Deductions - correct answers accelerating a current cash inflow Timing strategies: Deferring Income - correct answers deferring a current cash outflow WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers Constructive receipt doctrine - correct answers taxpayer must recognize income when it is...

total tax/total income - correct answers effective tax rate formula Standard Deduction - Single - correct answers $12000 Standard Deduction - Single, 65+ - correct answers $12000 + $1600 Standard Deduction - Married, Filing Jointly - correct answers $24000 Standard Deduction - Married, Filing Jointly, 1 spouse 65+ - correct answers $24000 + $1300 Standard Deduction - Married, Filing Jointly, both spouses 65+ - correct answers $24000 + $2600 Standard Deduction - Head of Household - correc...