S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt. S2: The salary of the Commissioner of Internal Revenue is exempt from income tax. Group of answer choices d. Both are false c. Both are true a. Only S1 is true b. Only S2 is true
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19.
S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt.
S2: The salary of the Commissioner of Internal Revenue is exempt from income tax.
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- 1. The secondary authority should be cited in the analysis section of a tax file memo. Is true or false? 2. What is the title of Section 152? a.Dependent defined b.Allowance of deductions for personal exemptions (151) c.Allowance for deductions (161) d.None of the above 3.(True/False) Letter rulings are a source of tax law.Which is not a primary source of tax law? A. Tax Court Case O B. All of these are. C. Proposed Regulation O D. Revenue Ruling E. None of these are. OF. IRS Notice26. Which is FALSE? S1 – All income is taxable. S2 – All exclusions from gross income are exempted. S3 – All passive income subjected to final tax are not items of gross income S4 – All income exempted by law or treaty are exempted from income tax Group of answer choices a. S1 c. S3 d. S4 b. S2
- Question 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).Question 4: Employees are either subject to both federal and state income tax withholding or to neither of these. Answer: А. O True В. FalseExercise 5-4A (Static) Under which circumstances could the percentage method be used to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) @ 2 W ? When the employee's taxable income exceeds the maximum amount on the appropriate wage-bracket table ? When computational accuracy is critical ? When using a computerized accounting system to compute payroll deductions ? When using a manual accounting system for a small number of low-pay employees F2 # 3 JUL 7 E 80 F3 $ 4 a F4 R . % 5 U 8 DII F8 ZAO 1 ( DD 9 F9 ) 0 0 W F10 S D F G H J K L P X F11 >
- Question 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefitsThe salaries of the Chief Justice and associate justice of the Supreme Court aretax-exempt because they are employees of the government. a.true b.false
- 0 ences Indicate whether each of the following items of IRS administrative guidance should be cited and relied on in researching a tax issue for a taxpayer to whom the item was not directly issued. a. Revenue ruling. Yes No b. IRS Publication. Yes No c. Technical advice memorandum. Yes ONO d. Private letter ruling. Yes No e. Revenue procedure.I. Define: a. Minimum wage b. E.O. 226 c. BMBE Law d. CDA e. Tax law vs gaap f. Statutes and Presidential Decrees g. Judicial Decision or case laws h. Local Ordinances i. Ad Valorem j. Sin TaxesA “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.