Taxation of Individuals
The income tax base for an individual tax return is:
Which of the following statements regarding realized income is true?
Sally received $50,000 of compensation from her employer and she received $400 of interest from a corporate bond. What is the amount of Sally's gross income from these items?
Which of the following statements regarding tax deductions is false?
Which of the following statements regarding for AGI tax deductions is true?
All of the following are for AGI deductions except:
Which of the following is NOT a from AGI deduction?
Which of the following is not an itemized deduction?
Which of the following statements regarding exemptions is correct?
Which of the following statements regarding personal and dependency exemptions is false?
Which of the following is a tax?
I. A 1% special sales tax for funding local road construction.
II. A fee paid to the state for a license to practice as an attorney.
III. An income tax imposed by Philadelphia on persons working within the city limits.
IV. A special property assessment for installing a new water system in the taxpayer's neighborhood.
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2015, how much federal tax will he owe?
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2015, what is his effective tax rate (rounded)?
The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. This surcharge is an example of ________.
The ultimate economic burden of a tax is best captured by:
The substitution effect:
Geronimo files his tax return as a head of household for year 2015. If his taxable income is $72,000, what is his average tax rate (rounded)?
Which of the following would not be a failure of the horizontal equity concept?
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo earned an additional $30,000 of taxable income this year, what would be the marginal tax rate (rounded) on the extra income for year 2015?
If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2015?
Gross income includes:
Which of the following is not a necessary condition for income to be included in gross income?
Sally is a cash basis taxpayer and a member of the Valley Barter club. This year Sally provided 100 hours of sewing services to the barter club in exchange for two football playoff tickets. Which of the following is a true statement?
Hillary is a cash-basis calendar-year taxpayer. During the last week of December she received a letter containing a $5,000 check for services. Which of the following is a true statement?
Identify the rule that determines whether a taxpayer must include in income a refund of an amount deducted in a previous year:
Identify the rule dictating that on a sale of an asset a taxpayer need only include the incremental gain in gross income rather than the entire proceeds from the sale:
Identify the rule that states that income has been realized when a taxpayer receives the income and there are no restrictions on the taxpayer's use of the income (e.g., no obligation to repay the amount):
Jack and Jill are married. This year Jack earned $72,000 and Jill earned $80,000 and they received $4,000 of interest income from a joint savings account. How much gross income would Jack report if he files married-separate from Jill?
Emily is a cash basis taxpayer, and she was an especially productive salesperson last year. In December of last year her supervisor told Emily she had earned a $5,000 bonus. However, Emily received the bonus check after year-end. Identify the principle that will determine when Emily is taxed on the bonus:
This year Mary received a $200 refund of state income taxes that she deducted on her tax return last year. Mary included a total of $4,000 of state income taxes when she itemized deductions last year. What amount of the refund, if any, should Mary include in her gross income this year?
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