Acct 3221 - Study guides, Class notes & Summaries

LSU ACCT 3221 Chapter 2 | Questions and Answers True/False: The federal individual income tax returns are the 1040ES, 1040A and 1040. False True/False: The tax code defines adjusted gross income (AGI) as gross income minus a list of permitted deductions. True True/False: The amount of tax liability for a taxpayer depends on many factors, including the filing status of the taxpayer. True True/False: A married couple can file a joint return if they are married and if both have earned income. Fal...

LSU ACCT 3221 Chapter 4 | Questions and Answers True/False: Tuition, fees, books, supplies, room, board, and other necessary expenses of attendance are qualified education expenses for purposes of the student loan interest deduction. True True/False: For 2009, the amount of the student loan interest deduction is limited to $3,500. False True/False: The student loan interest deduction may be limited based on the modified AGI of the taxpayer. True True/False: For the interest on a student loan t...

LSU ACCT 3221 Chapter 3 | Questions with 100% Correct Answers True/False: For tax purposes, income is recognized if the transaction meets three conditions: economic benefit, occurrence and completion, and not exempt from tax. True True/False: Marie performed bookkeeping services for Donald charging him $350. Donald agreed that he would pay Marie's credit card bill for the same amount. Marie has received an economic benefit and must report $350 in income on her tax return. True True/False: Joh...

LSU ACCT 3221 Chapter 1 | Questions with Verified Answers True/False: The U.S. individual income tax system is an example of a progressive tax rate structure. True True/False: A proportional tax rate structure is a tax where the tax rate remains at the same rate regardless of the tax base. True True/False: Under a flat tax, the marginal tax rate and the average tax rate are different. False True/False: State and local taxes levied on either property or sales are examples of progressive taxes....

LSU ACCT 3221 Ch. 5 TEST QUESTIONS WITH ALL CORRECT ANSWERS GRADED A+ Which of the following expenses is not deductible as medical expense? A. Insulin used for diabetes. B.Wig, purchased upon the advice of a physician for the mental health of a patient who has lost all of his/her hair from disease. C. Swimming lessons, recommended by a doctor for improvement of general health. D. Acupuncture used to treat migraines. - Answer-C. Swimming lessons, recommended by a doctor for improvement of g...

LSU ACCT 3221 Test 1: Tax Exam Study Guide. Tax - answertransfer of resources from public to private sector non-penal based on a set of predetermined criteria (certain and predictable) has specific economic and social objectives Tax Exclusion - answerdon't even think about this when doing taxes. ex: scholarships, employer reimbursements for tuition . Tax Deduction - answersomething you paid for that will reduce your taxable income ex: qualified tuition, student loan interest, educati...

ACCT 3221 Income Tax Chapters 1-7 Test Bank Well Researched and Correctly Prepared Questions and Answers 100% A+ 83. Which, if any, of the following statements best describes the history of the Federal income tax? a. It did not exist during the Civil War. b. The Federal income tax on corporations was held by the U.S. Supreme Court to be allowable under the U.S. Constitution. c. The Federal income tax on individuals was held by the U.S. Supreme Court to be allowable under the U.S. Constitutio...