Lsu acct 3221 chapter 2 - 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...