Week 1 Taxation Quiz

Week 1 : Federal Tax Law and marchland - Homework ES 1. (TCO 1) Which, if any, of the undermentioned evaluatees is progressive (rather than proportional)? (Points : 2) A citys think off appraise on hotel occupancy100% taken January 8, 2011 at 5PM-7 PM Medicare component of FICA and FUTA Federal gas guzzler assess nurture added taxes no(prenominal) of the above 2. (TCO 1) Federal excise taxes that are no lifelong oblige include: (Points : 2) tax on the sale of jewelry and furs. tax on wagering. tax on telephone usage. tax on air travel. None of the above 3. (TCO 1) Federal tax legislation loosely originates in what body? (Points : 2) Internal tax Service Senate Finance Committee put forward ship canal and Means Committee Senate floor None of the above 4. (TCO 8) render income taxes generally depose be characterized by: (Points : 2) a neediness of withholding procedures. a different date for filing than the federal official income tax. allowance of a tax deduction for federal income taxes paid. a deduction (or a credit) for private and dependency exemptions. None of the above 5.

(TCO 8) During 2009, Devon had the following transactions: profit: $50,000 pursuit income on General Motors pot bonds: $1,000 Gift from parents: $40,000 Contribution to tralatitious IRA: $2,000 Lottery profi t: $4,000 Devons AGI is: (Points : 2) ! $55,000. $54,000. $53,000. $52,000. None of the above 6. (TCO 8) In 2009, Barney had the following transactions: Salary: $70,000 Capital loss from a broth investment: ($4,000) pitiable expense to change jobs: ($10,000) Received quittance of an interest-free loan he made to his brother in 2003: $5,000 airplane propeller taxes on personal residence: $2,000 Barneys AGI is: (Points : 2) $55,000. $56,000....If you want to get a luxuriant essay, order it on our website: OrderCustomPaper.com

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