1. (TCO 2) Jim has taxable income of $300,000 and a tax liability of $30,000. Ja

Question

1. (TCO 2) Jim has taxable income of $300,000 and a tax liability of $30,000. Jane has taxable income of $600,000 and a tax liability of $120,000. They are taxed under a tax rate structure that is: (Points : 5) regressive. progressive. proportional. None of the above 2. (TCO 1) Adams County assesses a 2.5% tax on every sale of gasoline in the county. This is an example of: (Points : 5) use-tax. activity-based tax. user's fee. excise tax. 3. (TCO 4) Jake's annual compensation is $45,000. What is the maximum amount that Jake's employer may contribute to a defined contribution plan on his behalf in 2012? (Points : 5) 45,000 4,500 41,000 50,000 4. (TCO 5) Real property taxes on undeveloped land are considered a(n): (Points : 5) loss on undeveloped land. standard deduction. subtraction from gross income. itemized deduction. 5. (TCO 3) Which of the following expenditures made by an individual would NOT qualify as a deductible medical expense? (Points : 5) Payments to chiropractor for routine care Prescription for medication Payment to a mystic healer Payments for prescription vitamins

Explanation / Answer

1 b 2 c 3 a 4 d 5 d

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