Question 1 Wages are subject to the federal income tax and not subject to any ot
ID: 2378489 • Letter: Q
Question
Question 1
Wages are subject to the federal income tax and not subject to any other tax. Select one: A. True B. FalseQuestion 2
Which of the following is likely to be a taxpayer who pays federal income tax Select one: A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnershipQuestion 3
Local taxes on the assessed value of real property are usually paid only when you buy the property. Select one: A. True B. FalseQuestion 4
Which of the following statements are true? Select one: A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are trueQuestion 5
The federal income tax has been determined to be unconstitutional and can exist only based on a 1913 amendment to the US Constitution. Select one: A. True B. FalseQuestion 6
The statute of limitation applicable to assessments by the IRS is Select one: A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the aboveQuestion 7
Conducting business as a self employed independent contractor has an inherent tax advantage over being an employee. This advantage is based on the fact that self employed persons do not pay the FICA and Medicare taxes which are imposed on employees and employers. Select one: A. True B. FalseQuestion 8
If a case involving the federal income tax is being decided by the Supreme Court of the United States. Which of the following statements is true. Select one: A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the aboveQuestion 9
Adjusted Gross Income is a key concept in determining a corporation's taxable income Select one: A. True B. FalseQuestion 10
If an individual taxpayer had taxable income composed of equal amounts of wages subject to withholding and investment income. The withholding amount is significantly less than last year's tax liability. Which of the following describes the action necessary to avoid penalty for underpayment of estimated tax. Select one: A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the aboveQuestion 1
Wages are subject to the federal income tax and not subject to any other tax. Select one: A. True B. FalseQuestion 1
Wages are subject to the federal income tax and not subject to any other tax. Select one: A. True B. False Select one: A. True B. False Select one: A. True B. False A. True B. FalseQuestion 2
Which of the following is likely to be a taxpayer who pays federal income tax Select one: A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnershipQuestion 2
Which of the following is likely to be a taxpayer who pays federal income tax Select one: A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnership Select one: A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnership Select one: A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnership A. Limited liability company B. Corporation not making the S election C. Corporation making the S election D. General partnershipQuestion 3
Local taxes on the assessed value of real property are usually paid only when you buy the property. Select one: A. True B. FalseQuestion 3
Local taxes on the assessed value of real property are usually paid only when you buy the property. Select one: A. True B. False Select one: A. True B. False Select one: A. True B. False A. True B. FalseQuestion 4
Which of the following statements are true? Select one: A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are trueQuestion 4
Which of the following statements are true? Select one: A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are true Select one: A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are true Select one: A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are true A. Individual income tax liability is determined by a scheduled meeting with an employee of the Internal Revenue Service B. The individual income tax is determined by the taxpayer who files an annual tax return C. If a taxpayer forgets to claim a deduction on the orginally filed return. The deduction cannot ever be claimed. D. None of the above are true E. b. and c. are trueQuestion 5
The federal income tax has been determined to be unconstitutional and can exist only based on a 1913 amendment to the US Constitution. Select one: A. True B. FalseQuestion 5
The federal income tax has been determined to be unconstitutional and can exist only based on a 1913 amendment to the US Constitution. Select one: A. True B. False Select one: A. True B. False Select one: A. True B. False A. True B. FalseQuestion 6
The statute of limitation applicable to assessments by the IRS is Select one: A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the aboveQuestion 6
The statute of limitation applicable to assessments by the IRS is Select one: A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the above Select one: A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the above Select one: A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the above A. Three years from the date of the actual filing the of the tax return B. Three years from the later of the orginal due date of the return or the date of actual filing C. Three years from the earlier of the orginal due date of the return or the date of actual filing D. None of the aboveQuestion 7
Conducting business as a self employed independent contractor has an inherent tax advantage over being an employee. This advantage is based on the fact that self employed persons do not pay the FICA and Medicare taxes which are imposed on employees and employers. Select one: A. True B. FalseQuestion 7
Conducting business as a self employed independent contractor has an inherent tax advantage over being an employee. This advantage is based on the fact that self employed persons do not pay the FICA and Medicare taxes which are imposed on employees and employers. Select one: A. True B. False Select one: A. True B. False Select one: A. True B. False A. True B. FalseQuestion 8
If a case involving the federal income tax is being decided by the Supreme Court of the United States. Which of the following statements is true. Select one: A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the aboveQuestion 8
If a case involving the federal income tax is being decided by the Supreme Court of the United States. Which of the following statements is true. Select one: A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the above Select one: A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the above Select one: A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the above A. The regulations promulgated by the US Treasury are valid legal authority for the court to consider. B. The Internal Revue Code is legal authority that the Supreme Court must consider. C. a. and b. are correct D. none of the aboveQuestion 9
Adjusted Gross Income is a key concept in determining a corporation's taxable income Select one: A. True B. FalseQuestion 9
Adjusted Gross Income is a key concept in determining a corporation's taxable income Select one: A. True B. False Select one: A. True B. False Select one: A. True B. False A. True B. FalseQuestion 10
If an individual taxpayer had taxable income composed of equal amounts of wages subject to withholding and investment income. The withholding amount is significantly less than last year's tax liability. Which of the following describes the action necessary to avoid penalty for underpayment of estimated tax. Select one: A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the aboveQuestion 10
If an individual taxpayer had taxable income composed of equal amounts of wages subject to withholding and investment income. The withholding amount is significantly less than last year's tax liability. Which of the following describes the action necessary to avoid penalty for underpayment of estimated tax. Select one: A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the above Select one: A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the above Select one: A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the above A. At each payment date make estimated tax payments sufficient to cause withholding plus estimated tax payments to equal a prorata amount of the previous year's tax B. Make no estimated tax payments. C. On January 15 of the year after the taxable year, make estimated tax payments equal to the difference between withholding and the previous year tax. D. None of the aboveExplanation / Answer
1Ans:
True
2ans:
A
3Ans:
A
4Ans:
A
5Ans
B
6Ans:
A
7Ans:
A
8Ans:
C
9Ans:
B
10Ans:
D
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.