Questions from General Taxation

Q: Which amount represents the standard deduction for a taxpayer who is 44

Which amount represents the standard deduction for a taxpayer who is 44 years old and claiming head of household status? $9,250. $9,300. $9,350. d. $6,350.

Q: A married couple, both of whom are under 65 years old

A married couple, both of whom are under 65 years old, decided to file as married filing separately. One of the spouses is going to itemize deductions instead of taking the standard deduction. What...

Q: Employers are required to withhold social security taxes from wages paid to

Employers are required to withhold social security taxes from wages paid to employees. What is the amount of the social security wage limitation for 2017? $127,200. $118,500. $113,700. d. $106,800....

Q: Discuss the concept of “tax authority.” How does tax authority

Discuss the concept of “tax authority.” How does tax authority help taxpayers and tax preparers report tax items properly?

Q: What is the amount of the tax liability for a married couple

What is the amount of the tax liability for a married couple filing jointly with taxable income of $135,500? $33,875. $28,333. $20,325. d. $25,353.

Q: What is the percentage of interest the IRS was charging on assessment

What is the percentage of interest the IRS was charging on assessment (amount of unpaid tax liability) during March 2017? You might want to do this research by going to the IRS Web site (www.irs.gov)...

Q: When there is negligence on a return, the IRS charges a

When there is negligence on a return, the IRS charges a penalty of ________of the tax due. 25%. 20%. 18%. d. 10%.

Q: When there is fraud on a return, the IRS charges a

When there is fraud on a return, the IRS charges a penalty of ________ on any portion of understatement of tax that is attributable to the fraud. 20%. 25%. 75%. d. 100%.

Q: A single taxpayer is 26 years old and has wages of $

A single taxpayer is 26 years old and has wages of $18,000 and interest income of $450. Which is the simplest tax form this person can file? 1040. 1040EZ. 1040A. d. 1040Z.

Q: Explain how income is recognized under the cash method of accounting.

Explain how income is recognized under the cash method of accounting.