- Study guides, Class notes & Summaries

Federal Taxation - Exam 1 UPDATED Exam Questions and CORRECT Answers 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

Federal Taxation - Exam 1 UPDATED ACTUAL Exam Questions and CORRECT Answers What is a tax? - CORRECT ANSWER - A required payment assessed or imposed by a government unrelated to any benefit or service you received in return for the payment What are some examples of taxes? - CORRECT ANSWER - Social security, medicare, income taxes, A charge added to hotel room rental fee to pay for city projects where the hotel is located A charge added to car rental fee to pay for road improvements i...

Concepts in Federal Taxation UPDATED ACTUAL Exam Questions and CORRECT Answers Marginal Tax Rate (MTR) - CORRECT ANSWER - The rate of tax that will be paid on the next dollar of income or the rate of tax that will be saved by the next dollar of deduction. Defferals - CORRECT ANSWER - An item that does not affect the current period's taxable income but will affect taxable income in the future tax year

Federal Income Tax Exam 1 UPDATED ACTUAL Exam Questions and CORRECT Answers Bob provides more than half of his mother's support. His mother earns $6,000 per year as a hairdresser. She lives in an apartment across town. Bob is unmarried and has no children. What is Bob's most advantageous filing status? - CORRECT ANSWER - Singl

Federal Income Tax Exam 1 UPDATED Exam Questions and CORRECT Answers When can you switch between filing married filing joint to married filing separate and vice versa. - CORRECT ANSWER - *Switching from Separate Returns to a Joint Return You have three years from the due date of the first return you filed separately to switch to a joint return. Change your filing status by filing form 1040X and submitting an amended retur

Fall 2025 ACCT 3353 02 Federal Taxation Concepts - Exam 1 UPDATED Exam Questions and CORRECT Answers Which of the following are components of the FICA tax? - CORRECT ANSWER - Social Security tax and Medicare tax Who must use the tax table method to calculate their tax liability? - CORRECT ANSWER - Bill Johnson whose taxable income is $36,000

Federal Taxation Concepts - Exam 3 - ACCT 3353 UPDATED Exam Questions and CORRECT Answers What do we have to capitalize? - CORRECT ANSWER - Assets (not inventory) with ascertainable lives beyond 1 year (12 months) (Typically, capitalize the cost Recover the cost over the asset's respective life)

Federal Tax Accounting (Exam 1) UPDATED ACTUAL Exam Questions and CORRECT Answers T or F: Taxes influence personal decisions such as whether to buy or rent a house. - CORRECT ANSWER - True True or False: Taxes are voluntary payments paid to a government for a specific benefit received by the specific taxpayer. - CORRECT ANSWER - Fasle

Federal Tax Accounting UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following are Correct when defining the gross income of a business? - CORRECT ANSWER - *Revenues from renting property is included in gross profit for rental businesses. *Gross income for a service business can be calculated as income from services provided. *Gross income from a business includes gross profit from inventory sales

Federal Tax Exam 1 UPDATED ACTUAL Exam Questions and CORRECT Answers Example: In 2020, taxpayer placed in service $2,800,000 of § 179 property what's the amount under 179 immediate expensing? - CORRECT ANSWER - [$1,040,000 - ($2,800,000 - $2,590,000)] [$1,040,000 - $210,000] = $830,000 Schedule ____ is Trade or business income - CORRECT ANSWER - C