Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 12, Problem 17MCQ
To determine
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government, it also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To choose: For paying taxes in joint return both are responsible except which option.
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covers exemptions resulting from the status of the taxpayer and
exemptions based on the nature of income
OA. Section 10
OB. Section 8
OC Section 1
OD. Section 11
Previous page
Section 6-5 of ITAA 1997:
a.
Both (A) and (B) are correct.
b.
Seeks to assess the taxpayer’s income when it is received.
c.
Seeks to assess the taxpayer’s income when it is derived.
d.
Both (A) and (B) are incorrect.
Question 39: Which of these is a voluntary deduction?
Answer:
A.
Social security tax
B.
Medicare tax
C.
State income tax
D.
Union dues
Chapter 12 Solutions
Income Tax Fundamentals 2020
Ch. 12 - Which of the following is a responsibility of a...Ch. 12 - Prob. 2MCQCh. 12 - Prob. 3MCQCh. 12 - Prob. 4MCQCh. 12 - Prob. 5MCQCh. 12 - Prob. 6MCQCh. 12 - Prob. 7MCQCh. 12 - Prob. 8MCQCh. 12 - Prob. 9MCQCh. 12 - Prob. 10MCQ
Ch. 12 - Prob. 11MCQCh. 12 - Prob. 12MCQCh. 12 - Which of the following have privileged...Ch. 12 - Prob. 14MCQCh. 12 - Prob. 15MCQCh. 12 - Prob. 16MCQCh. 12 - Prob. 17MCQCh. 12 - Taxpayers have the right to have an IRS...Ch. 12 - If a U.S. Tax Court agrees with the taxpayer on...Ch. 12 - If the IRS owes a taxpayer a refund, the law...Ch. 12 - Prob. 21MCQCh. 12 - Melodie's taxable income is $39,000 and she pays...Ch. 12 - Jim has a house payment of $2,000 per month of...Ch. 12 - Indicate which of the following statements are...Ch. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - In the 2019 tax year, Michelle paid the following...Ch. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Prob. 7PCh. 12 - Prob. 8PCh. 12 - Prob. 9PCh. 12 - Prob. 10PCh. 12 - Prob. 11PCh. 12 - Prob. 12P
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- Amounts that are made available to a taxpayer without substantial restrictions are included in gross income under which of the following legal doctrines? Assignment of Income Doctrine Constructive Receipt Doctrine Cohan Doctrine Recovery of Capital Doctrinearrow_forwardQuestion 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.arrow_forwardn situations where there is no requirement for the taxpayer to provide documentation to substantiate their Earned Income Credit claim, tax preparers can protect and prepare the taxpayer by advising them on the documentation that will substantiate their claim. Specifically, which form is most helpful to substantiate this type of claim? Form 886-DEP. Form 886-HOH. Form 886-EIC. Form 8887.arrow_forward
- What is the standard deduction? Explain its relationship to a taxpayers itemized deductions.arrow_forwardWhich of the following accurately describes when a taxpayer may report capital gain/loss transactions directly on Schedule D instead of using Form 8949?arrow_forwardDescribe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions?arrow_forward
- 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 benefitsarrow_forwardPlease share an exclusion from gross income. Describe the exclusion along with the section of the IRS code that pertains to the exclusion. Please also state whether the exclusion is unlimited or capped at a certain amount.arrow_forward1. Which is NOT true?a. Deductions partake the nature of an exemptionb. Exemptions are strictly construed against the taxpayerc. Exemptions are liberally interpreted in favor of the taxpayerd. If tax law is vague, it benefits the taxpayerarrow_forward
- Which one of the following is not deductible when itemizing a, State income tax b, Real property tax c, Cigarette tax d, None of thesearrow_forward13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as miscellaneous itemized deductions. c.Are subject to income tax withholdings. d.Include common law employees.arrow_forwardwhich of the following is not a covid-19 tax relief provision available to a self-employed taxpayer? A. payroll tax deferral B. sick leave credit C. family leave credit D. self-employed tax rate reduction E. all the abovearrow_forward
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