WGU C237 TAXATION 1

Number of days that are initially given to an audited individual or business to either request a conference with an appeals officer or agree to the proposed adjustment. (Ch 2-6) - - 30 Number of days that are given to an audited individual or business after the appeals conference to either pay the proposed deficiency or file a petition in the US Tax Court to hear the case. (Ch 2-6) - -90 12 Month Rule - A regulation that allows prepaid business expenses to be currently deducted when the con...

The largest source of revenues for the federal government comes from - -individual income taxes. Arthur pays tax of $5,000 on taxable income of $50,000 while taxpayer Barbara pays tax of $12,000 on $120,000. The tax is a - -proportional tax. Which of the following taxes is regressive? - -Federal Insurance Contributions Act (FICA) Sarah contributes $25,000 to a church. Sarah's marginal tax rate is 35% while her average tax rate is 25%. After considering her tax savings, Sarah's contributio...