Name: True/False: 1. The statute of limitations for the IRS to assess an additional tax (deficiency) is seven years. 2. FICA tax includes a Social Security tax component. 3. Under the Tax Cuts and Jobs Act (TCJA), the personal exemption has been suspended until 2026. 4. The "marginal tax rate refers to the highest tax bracket that a taxpayer's income reaches. 5. In 2020, the basic standard deduction for a taxpayer who files under a single status is $24,000.00. 6. IRS Revenue Rulings have more legal authority than the Internal Revenue Code (statute) 7. Letter Rulings have less legal authority than the Internal Revenue Code. 8. The full value of prizes and awards must be included in gross income, unless a particular exception applies. 9. A taxpayer would use the standard deduction from Adjusted Gross Income if his or her itemized deductions would not exceed the amount of the standard deduction. 10. One factor that is necessary to be a qualifying child is that the child must not provide more than one half of his or her own support. 11. Income is broadly defined to include income from all sources, both taxable and nontaxable. Most individuals use a calendar year (January 1-December 31) as their taxable 12. year. 13. The three primary methods of accounting are (1) the cash receipts and disbursements method, (2) the accrual method, and (3) the hybrid method