Your answers are saved automatically. Remaining Time: 1 hour, 53 minutes, 06 seconds. Question Completion Status: QUESTION 1 Z is a calendar-year accrual basis taxpayer, a CPA who does tax returns for clients. He received $18,000 this year in prepaid service income; 40 percent of these services will be provided this year, and 60 percent will be provided next year. What is the minimum amount that Z must include in gross income for the current year? TTT Ari 3120 Question Completion Status: QUESTION 2 The increasing tax-bracket rate structure of the U.S. individual income tax is known as aan) Effective tax rate. Marginal tax rate. Proportional tax rate. Progressive tax rate. Average tax rate. QUESTION 3 Ris a calendar-year, an accrual-basis taxpayer who received during the current year $20,000 in rent paid in advance, applicable to next year, and no significant services were provided in the two-year rental agreement. He also received a $2,000 security deposit refundable at the end of the lease assuming compliance with the terms of the lease. How much must include in gross income for the current year? TTT Arial 3 (12 T. Remaining Time: 1 hour, 52 minutes, 37 seconds. Question Completion Status: QUESTION 4 FUTA and SUTA taxes are imposed on the employee only. True False QUESTIONS During the current year, H had revenues from self-employment of $114,000 and associated expenses of $44,000. H also had wages of $62,000 from employer X. Employer X withheld and paid the appropriate amount of FICA taxes on H's wages. Assume that the appropriate social security income ceiling for the year is $120,000 and that the self-employed FICA rates are 12,4% for social security and 2.9% for Medicare. Compute H's self-employment tax liability for the current year. Round final answers to nearest dollar. TTT Arial 3 (1200) T.EE