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CHAPTER 1 1. Two notable trends in tax revenue sources is that social security taxes have decreased gradually while corporate income taxes have increased gradually over the last fifty years. 2. The marginal tax rate measures the tax rate applicable to the next dollar of income or deduction for a taxpayer 3. The only objective of the federal income tax law is to raise revenue. CHAPTER 2 4. Deductions for AGI include deductions attributable to rents and royalties and contributions to retirement plans. 5. All taxpayers are allowed the full standard deduction (512.400 for single taxpayers, for example) when filing a tax return. 6. A married individual can never claim head-of-household filing status. 7. A child of the taxpayer must be a dependent to be subject to the kiddie tax. 8. The information reporting system makes it more difficult for taxpayers to avoid IRS detection if they omit income from their returns. 9. The due date for Form 1040 is generally the 159 day of the 4" month after the end of their tax year. 1 CHAPTER 14 10. The present AMT system operates as a separate tax system, parallel to the regular income tax system. 11. A taxpayer taking the standard deduction will have no adjustments when calculating the AMT. 12. One-half of the Additional Medicare Tax is deductible for AGI. 13. There is no penalty for underpayment of estimated tax as long as the required annual payment is made by January 15 of the year following the end of the taxpayer's tax year. CHAPTER 3 14. Gross income is not limited to amounts received in the form of cash but the important question is whether the taxpayer receives an economic benefit. 15. Income from separate property is always considered to be separate income. 16. A cash basis taxpayer will include compensation in income in the year actually or constructively received. 17. Although the interest from municipal bonds is not taxable any gain on the sale of such bonds is taxable. 18. In general, security deposits are not included in income when received 19. Cash dividends as well as stock dividends are taxable. 20. Total gambling winnings must be included in gross income and gambling losses (up to the amount of current year's winnings) are allowable as an itemized deduction. 1 F 2 T 3 F 4) T 5 F 7 F 8) T a) I lo) T 11) F 12) F 13) F 14) T 15) F 16) T In T 18) T 19) F 20 T T