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1. Which of the following is nt a goal of the tax law a. Encouraging certain social goals such as contributions to charity b. Encouraging
1. Which of the following is nt a goal of the tax law a. Encouraging certain social goals such as contributions to charity b. Encouraging certain economic goals such as a thriving business community cEncouraging smaller families. d. Raising revenue to operate the govemment e. None of the above are goals of the tax law 2. Schedule 1 of Form 1040 is used to repont a. Salary income b. Joint return status c Withholding on wages. d. Self employment income 3. Which of the following is not considered one of the five basic taxable or reporting entities? a. Partnership b. Corporaion c. Portfolio d. Individual e. Trust 4. All of the following amounts must be included in gross income, except a. Gambling winnings b. Partnership income c. Accident insurance proceeds d. Dividends e. Jury duty fees -5. In 2018, Unah received the following interest payments: Interest of S300 on an overpayment of 2017 Federal income taxes Interest of $400 from his bank certificate of deposit Interest of S1,000 on municipal bonds Interest of $1,500 on US savings bonds (Series HH) What amount, if any, should Uriah report as taxable interest income on his 2018 individual income tax return? a. $0 b. $700 c. $2,200 d. $3,200 e. None of the above
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