Question 1 6 pts (COA) Which is not a source of federal revenue? Employment taxes Estate and gift taxes O Taxes on individuals O Sales taxes Question 2 6 pts (CO A) What source allows Congress to "levy taxes on income from whatever source derived"? Internal Revenue Code Tax Levy Law of 1916 O The Tax Reform Act of 1986 O The Sixteenth Amendment to the United States Constitution Question 3 6 pts (COA) Which of the following represents a "badge of fraud"? Minimizing your tax liability o Acts and conduct of the taxpayer O Failing to make estimated tax payments O Making an error on entering your SSN Question 4 6 pts (COA) Which reference material is classified as an administrative source? 0 Internal Revenue Code O Revenue Rulings O United States Constitution Trial courts Question 5 6 pts (COA) Where is a tax bill first introduced? House of Representatives Senate House Ways and Means Committee O Executive Branch Question 6 6 pts (COA) What is the first component of the tax formula? Determining your filing status Determining your deductions for Adjusted Gross Income O Identification of Residency O Determining your Gross Income Question 7 6 pts (CO A) What percentage is the penalty for underpayment of tax due to negligence or disregard of rules and regulations? O 20% O 25% O 30% O 50% Question 8 6 pts (COA) The 2018 Tax Cuts and Jobs (TCJA) Act eliminated which of the following thus impacting 2020 filings? O Short-term Capital Gains O Deduction for Interest on Home Equity Debt O Deduction for Medical Expenses O Long-term Capital Gains Question 9 6 pts (COA) Which of the following is published in the Federal Register? Treasury Regulations Revenue Proceedings O Revenue Rulings Internal Revenue Bulletins Question 10 6 pts (COA) How much is the standard deduction for a taxpayer over the age of 65 and filing Single for 2020? O $12,200 O $12,400 O $13,850 O $14,050