Question
1. Sin taxes are: A. Taxes assessed by religious organizations B. Taxes assessed on certain illegal acts C. Taxes assessed to discourage less desirable behavior
1. | Sin taxes are:
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2. | To calculate a tax, you need to know: I. the tax base II. the taxing agency III. the tax rate IV. the purpose of the tax
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3. | Which of the following is not an example of a graduated tax rate structure?
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4. | The difficulty in calculating a tax is typically in the determination of:
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5. | Which of the following is not one of the basic tax rate structures?
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6. | Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2013, how much federal tax will he owe?
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7. | Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2013, what is his average tax rate (rounded)?
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8. | Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2013, what is his effective tax rate (rounded)?
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9. | Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2013, what is his current marginal tax rate?
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10. | The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. This surcharge is an example of ________.
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11. | The state of Georgia recently increased its tax on a carton of cigarettes by $2.00. What type of tax is this?
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12. | Which of the following is false?
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13. | Which of the following is true?
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14. | The ultimate economic burden of a tax is best captured by:
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15. | Which of the following taxes represents the largest portion of U.S. Federal Tax revenues?
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16. | Which of the following represents the largest percentage of state tax revenue?
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17. | Which of the following is true regarding use taxes?
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18. | Which of the following is true regarding real property taxes and personal property taxes?
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19. | Which of the following statements is true?
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20. | Geronimo files his tax return as a head of household for year 2013. If his taxable income is $72,000, what is his average tax rate (rounded)?
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Chapter 2
21. | Which of the following is not a factor that determines whether a taxpayer is required to file a tax return?
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22. | If Paula requests an extension to file her tax return, the latest she could file her return without penalty is:
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23. | If Lindley requests an extension to file her tax return, the latest she could pay her tax due without penalty is:
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24. | Corporations are required to file a tax return only if their taxable income is greater than:
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25. | This year April 15th falls on a Saturday. Individual tax returns will be due on:
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26. | Dominic earned $1,500 this year, and his employer withheld $200 of federal income tax from his salary. Assuming that Dominic will have zero tax liability this year, he:
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27. | Greg earned $20,500 this year and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg will have a total tax liability of $1,000 (and thus will receive a $500) refund, he:
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28. | Bill filed his 2013 tax return on March 15th, 2014. The statute of limitations for IRS assessment on Bill's 2013 tax return should end:
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29. | Henry filed his 2013 tax return on May 15th, 2014. The statute of limitations for IRS assessment on Henry's 2013 tax return should end:
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30. | Allen filed his 2013 tax return on May 15th, 2014 and underreported his gross income by 30 percent. Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2013 tax return should end:
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31. | Andy filed a fraudulent 2013 tax return on May 1, 2014. The statute of limitations for IRS assessment on Andy's 2013 tax return should end:
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32. | Martin has never filed a 2013 tax return despite earning approximately $20,000 providing landscaping work in the community. When does the statute of limitations expire for Martin's 2013 tax return?
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33. | Which of the following is not a common method that the IRS uses to select returns for audit?
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34. | Leslie made a mathematical mistake in computing her tax liability. Which audit program will likely catch Leslie's mistake?
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35. | Tyrone claimed a large amount of charitable contributions as a tax deduction relative to taxpayers with similar levels of income. If Tyrone's tax return is chosen for audit because of his large charitable contributions, which audit program likely identified Tyrone's tax return for audit?
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36. | Ramon's tax return was randomly selected for audit. Which IRS program likely selected Ramon's return for audit?
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37. | Which of the following audits is the most common and typically less comprehensive?
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38. | Which of the following audits is the least common, broadest in scope, and typically most complex?
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39. | Dan received a letter from the IRS that gave him the choice of (1) requesting a conference with an Appeals Officer or (2) agreeing to a proposed tax adjustment. Dan received the:
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40. | Basu received a letter from the IRS that gave him the choice of (1) paying a proposed deficiency or (2) filing a petition with the U.S. Tax Court. Basu received the:
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Chapter 3
41. | If Joel earns a 10% after-tax rate of return, $10,000 received in two years is worth how much today (rounded)?
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42. | If Lucy earns a 6% after-tax rate of return, $8,000 received in four years is worth how much today?
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43. | If Nicolai earns an 8% after-tax rate of return, $20,000 today would be worth how much to Nicolai in 5 years?
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44. | If Scott earns a 12% after-tax rate of return, $15,000 today would be worth how much to Scott in 2 years?
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45. | If Rudy has a 25% tax rate and a 6% after-tax rate of return, a $30,000 tax deduction in four years will save how much tax in today's dollars (rounded)?
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46. | If Julius has a 30% tax rate and a 10% after-tax rate of return, a $40,000 tax deduction in two years will save how much tax in today's dollars (rounded)?
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47. | If Thomas has a 40% tax rate and a 6% after-tax rate of return, $50,000 of income in five years will cost him how much tax in today's dollars (rounded)? |
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