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Intro to Federal Tax Exam 2 Questions & Answers 100% Correct!!
Gross income - ANSWERSgross income consist primarily of revenues from the sale of goods or performance of services in the regular course of commercial activity. (T or F) The Internal Revenue Code allows a deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or bussiness. - ANSWERSTrue What is a ordinary Expense - ANSWERSif it is customary for a particular type of trade or business and is commonly or frequently incurred. ...
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- • 14 pages •
Gross income - ANSWERSgross income consist primarily of revenues from the sale of goods or performance of services in the regular course of commercial activity. (T or F) The Internal Revenue Code allows a deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or bussiness. - ANSWERSTrue What is a ordinary Expense - ANSWERSif it is customary for a particular type of trade or business and is commonly or frequently incurred. ...
Federal Income Tax Exam 1 Questions & Answers 100% Correct!
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? - ANSWERSSingle Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, includ...
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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? - ANSWERSSingle Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, includ...
Federal Taxation Chapters 1-3 Exam 100% Correct!!
What important questions should you ask yourself about taxes for business decisions? - ANSWERSWhat organizational form should a business use? Where should the business be located? How should the business compensate employees? How should the business acquisitions be structured? What is the appropriated mix of debt and equity for the business? Should the business rent or own its equipment and property? How should the business distribute profits to its owners? Define tax. - ANSWERSa paymen...
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What important questions should you ask yourself about taxes for business decisions? - ANSWERSWhat organizational form should a business use? Where should the business be located? How should the business compensate employees? How should the business acquisitions be structured? What is the appropriated mix of debt and equity for the business? Should the business rent or own its equipment and property? How should the business distribute profits to its owners? Define tax. - ANSWERSa paymen...
Federal Tax Accounting (Exam 1)100% Correct!
The Business Purpose Concept means I. that the economic purpose of the transaction must exceed the tax avoidance motive. II. that the taxpayer's dominant motive for an expenditure is to reduce taxation.. a. Only statement I is correct. b. Only statement II is correct. c. Both statements are correct. d. Neither statement is correct. - ANSWERSa. Only statement I is correct. Which of the following individuals is involved in a trade or business? I. Lil owns a farm near Lafayette, Ind...
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The Business Purpose Concept means I. that the economic purpose of the transaction must exceed the tax avoidance motive. II. that the taxpayer's dominant motive for an expenditure is to reduce taxation.. a. Only statement I is correct. b. Only statement II is correct. c. Both statements are correct. d. Neither statement is correct. - ANSWERSa. Only statement I is correct. Which of the following individuals is involved in a trade or business? I. Lil owns a farm near Lafayette, Ind...
Federal Income Tax. Exam 1 (chapters 1-4) Questions & Answers 100% Correct!!
under a ___ tax rate structure, the tax rate increases as the taxpayer's income increases - ANSWERSprogressive Under a ___ tax rate structure, the same tax rate applies to all taxpayers - ANSWERSproportional under a ___ tax rate structure, the tax rate decreases with income increase - ANSWERSregressive Betty, age 67 and single, has a taxable income of 9,100 and SS benefits of 6,200 - ANSWERSbetty need not file, as her gross income is less than 11,950___ entities, such as ______ are...
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under a ___ tax rate structure, the tax rate increases as the taxpayer's income increases - ANSWERSprogressive Under a ___ tax rate structure, the same tax rate applies to all taxpayers - ANSWERSproportional under a ___ tax rate structure, the tax rate decreases with income increase - ANSWERSregressive Betty, age 67 and single, has a taxable income of 9,100 and SS benefits of 6,200 - ANSWERSbetty need not file, as her gross income is less than 11,950___ entities, such as ______ are...
Federal Income Tax Exam 1(100% Correct!
What are the two important features of the tax environment? - ANSWERS1. pervasive- so widespread, come in so many varieties, and affect virtually every aspect of modern life 2. dynamic - tax laws change so frequently tax - ANSWERSa payment to support the cost of government. A tax is non penal but compulsory and is not directly related to any specific benefit provided by the government. taxpayer - ANSWERSany person or organization required by law to pay a tax to a governmental authority (i...
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What are the two important features of the tax environment? - ANSWERS1. pervasive- so widespread, come in so many varieties, and affect virtually every aspect of modern life 2. dynamic - tax laws change so frequently tax - ANSWERSa payment to support the cost of government. A tax is non penal but compulsory and is not directly related to any specific benefit provided by the government. taxpayer - ANSWERSany person or organization required by law to pay a tax to a governmental authority (i...
Federal Income Tax Exam 1 Questions & Answers 100% Solved!
To qualify as a dependent of another - ANSWERS1. must be a citizen of the united states or a resident of the united states, canada, or mexico 2. must not file a joint return with his or her spouse unless there would not have been any tax liability on the couples joint return and there would not have been any tax liability on either spouses tax return if they had filed seperately 3. must be a qualifying child or qualifying relative Qualifying Child - ANSWERS1. Relationship Test 2. Age Test ...
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To qualify as a dependent of another - ANSWERS1. must be a citizen of the united states or a resident of the united states, canada, or mexico 2. must not file a joint return with his or her spouse unless there would not have been any tax liability on the couples joint return and there would not have been any tax liability on either spouses tax return if they had filed seperately 3. must be a qualifying child or qualifying relative Qualifying Child - ANSWERS1. Relationship Test 2. Age Test ...
Federal Taxation - Exam 2 (ALL)Questions & Answers 100% Solved!
Which taxpayers have limits on their/receive no standard deduction? - ANSWERSmarried taxpayers filing separate where the other spouse itemizes, non-resident aliens, and taxpayers with filing periods less than 12 months limit on standard deduction for dependents - ANSWERSthe greater of $1050 OR earned income + $350 (note: cannot exceed personal exemption amount of $6300) multiple support agreement - ANSWERSif a group of people provide over 1/2 the support of a dependent but no one member pr...
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Which taxpayers have limits on their/receive no standard deduction? - ANSWERSmarried taxpayers filing separate where the other spouse itemizes, non-resident aliens, and taxpayers with filing periods less than 12 months limit on standard deduction for dependents - ANSWERSthe greater of $1050 OR earned income + $350 (note: cannot exceed personal exemption amount of $6300) multiple support agreement - ANSWERSif a group of people provide over 1/2 the support of a dependent but no one member pr...
Federal Tax Exam 1 Questions & Answers 100% Solved!!
Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2014 and earned $4,900 during the year, in addition to $600 of interest income. What is her standard deduction? A) $1,000 B) $4,900 C) $5,250 D) $6,120 - ANSWERSAnswer: C Explanation: $4,900 + $350 = $5,250 Page Ref.: I:2-12 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 contribution co...
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Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2014 and earned $4,900 during the year, in addition to $600 of interest income. What is her standard deduction? A) $1,000 B) $4,900 C) $5,250 D) $6,120 - ANSWERSAnswer: C Explanation: $4,900 + $350 = $5,250 Page Ref.: I:2-12 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 contribution co...
Federal Income Tax Exam 1 Questions & Answers 100% Solved!!
Which of the following amounts must be included in the gross income of the recipient? - ANSWERSRoyalties In the tax law, the definition of gross income is: - ANSWERSAll income from whatever source derived All of the following amounts are taxable income to the recipient except: - ANSWERSGifts Mary received the following items during 2014: Christmas bonus from her employer $500 Christmas gift from her father $ 35 Prize won in a radio show contest $100 What is the total amo...
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Which of the following amounts must be included in the gross income of the recipient? - ANSWERSRoyalties In the tax law, the definition of gross income is: - ANSWERSAll income from whatever source derived All of the following amounts are taxable income to the recipient except: - ANSWERSGifts Mary received the following items during 2014: Christmas bonus from her employer $500 Christmas gift from her father $ 35 Prize won in a radio show contest $100 What is the total amo...
Journeyman Ele Exam Prep 2024 (100% Correct)
NYS Pesticide Exam Ornamentals & Turf Questions and Answers 100% Correct!
CPRS Exam 2024 Questions and Answers 100% Verified!
GMS 6552 Exam 2 Questions and Answers 100% Correct!
Swift River Medical-Surgical Questions and Answers 100% Verified!