Accounting c237 Study guides, Class notes & Summaries

Attempt #1 Status: Passed 1. What year was the U.S. income tax on individuals permanently established? Your Answer Correct Answer 1861 1894 1913 1924 2. What is the highest level of legislative authority of tax law in the United States? Your Answer Correct Answer American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code 3. What are two primary sources of tax law in the United States? Choose 2 answers Your Answer Cor...

Tax I Pre-Assessment Practice Test 1.What year was the U.S. income tax on individuals permanently established? 1913 2. What is the highest level of legislative authority of tax law in the United States? Internal Revenue Code 3. What are two primary sources of tax law in the United States? Court decisions Revenue rulings 4. What is a certainty when evaluating a tax system? Taxes can be estimated if annual income remains the same. 5. What is an example of equity when evaluating a tax syst...

Pre-Assessment: Taxation I (NDC1) PNDC Attempt #1 Status: Passed 1. What year was the U.S. income tax on individuals permanently established? Your Answer Correct Answer 1861 1894 1913 1924 2. What is the highest level of legislative authority of tax law in the United States? Your Answer Correct Answer American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code 3. What are two primary sources of tax law in the United Stat...

Pre-Assessment: Taxation I (NDC1) PNDC Attempt #1 Status: Passed 1. What year was the U.S. income tax on individuals permanently established? Your Answer Correct Answer 1861 1894 1913 1924 2. What is the highest level of legislative authority of tax law in the United States? Your Answer Correct Answer American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code 3. What are two primary sources of tax law in the United Stat...

FEDERAL TAXATION 18% (1-12) TOPIC 1: NATURE, PURPOSE, & SCOPE OF CURRENT US TAX SYSTEM CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the t...

FEDERAL TAXATION 18% (1-12) TOPIC 1: NATURE, PURPOSE, & SCOPE OF CURRENT US TAX SYSTEM CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the t...

(Summary) WGU - C237 - TAXATION 1, With Complete Verified Solution 2024, Updated. 30 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) 90 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) 12 Month Rule A regulation t...

CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the tax base and is usually expressed as a percentage. FLAT TAX: single tax applied to an ent...

WGU - C237 - TAXATION 1, Questions and answers, rated A+, VERIFIED. 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 tha...

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...