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Individual Taxation
Prentice Halls 2013
| Question | Answer |
|---|---|
| All of the following items are generally excluded from income except 1-interest on corporate bonds. 2-interest on state and local government bonds. 3-child support payments. 4-all of the above | 1-interest on corporate bonds. |
| Arthur pays tax of $3,000 on taxable income of $30,000 while taxpayer Barbara pays tax of $6,000 on $60,000. The tax is a 1-regressive 2-proportional 3-progressive 4-none of above | 2-proportional |
| The term "tax law" includes 1-Treasury Regulations. 2-Judicial decisions. 3-Internal Revenue Code. 4-all of these. | 4-all of these |
| A single taxpayer provided the following information for 2012: Salary $80,000 Interest on local government bonds 4,000 (qualifies as a tax exclusion) Allowable itemized deductions 13,000 What is taxable income? | $63,200 |
| Horizontal equity means that | taxpayers with the same amount of income pay the same amount of tax. |
| Which of the following taxes is progressive? 1-excise tax 2-Income tax 3-sales tax 4-property tax | 2-Income tax |
| All of the following items are included in gross income except 1-child support received 2-rent income 3-alimony received 4-dividends income | 1-child support received |
| Taxable income for an individual is defined as: 1-AGI reduced by deductions from AGI and personal and dependency exemptions. 2-total income reduced by deductions for AGI. 3-AGI reduced by itemized deductions. | AGI reduced by deductions from AGI and personal and dependency exemptions. |
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