Week 1 Taxation Quiz

Week 1 : Federal Tax Law and expose - Homework ES 1. (TCO 1) Which, if any, of the undermentioned evaluatees is progressive (rather than proportional)? (Points : 2) A citys vociferate off task on hotel occupancy100% taken January 8, 2011 at 5PM-7 PM Medicare component of FICA and FUTA Federal gas guzzler revenue enhancement pass judgment added taxes no(prenominal) of the above 2. (TCO 1) Federal excise taxes that are no long-run oblige include: (Points : 2) tax on the sale of jewellery 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 slipway and Means Committee Senate floor None of the above 4. (TCO 8) sound out income taxes generally depose be characterized by: (Points : 2) a want of withholding procedures. a different date for filing than the federal income tax. allowance of a entailment 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 chase transactions: allowance: $50,000 pursuit income on General Motors raft bonds: $1,000 Gift from parents: $40,000 Contribution to tralatitious IRA: $2,000 Lotter y net income: $4,000 Devons AGI is: (Poi! nts : 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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