Gross Tax computed is $ 15,845 and Credits and Prepayments are $ 23875. The result is?

Net Tax Payable $ 39,720

Refund Due $ 39,720

Net Tax Payable $ 8,030

Refund Due $ 8,030

Which of the following is true?

Taxable Income Tax Rate = Gross Tax

Taxable Income X Tax Rate = Gross Tax

Taxable Income + Tax Rate = Gross Tax

Taxable Income /Tax Rate = Gross Tax

Deductions from Adjusted Gross Income include?

Greater of itemized deductions or standard deductions

Credit and prepayments

Exclusions

Tax Rate

Standard deductions should be used when?

Standard Deductions > Itemized Deductions

Standard Deductions < Itemized Deductions

Standard Deductions = Itemized Deductions

Standard Deductions Itemized Deductions

Long term capital gain is held for?

Less than 12 months

Less than 24 months

Over 12 months

Over 24 months

Net long-term gain

Is taxed at the same rate as other income?

Is taxed at minimum of 15 %

Is taxed at maximum of 15%

Is taxed at 10 %

Wealth that flows to individuals is income as per?

Economic Concept

Accounting Concept

Tax Concept

None of the above

Which of the following condition make income taxable?

Economic benefit to taxpayer

Income must be realized

Income must be recognized

All the above

Economic concept of income lack

Subjectivity

Objectivity

Neutrality

None of the above

Which of the following is not true?

Gross income is not limited to cash

Items indirectly benefitting taxpayers are included in gross income

Community property states that all income deemed to be earned equally by spouses except income from separate property

Unearned income of minor under 24 may be taxed at parents higher rate