Exam 3: Preparing Your Taxes

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. There is a [ high | low ] chance that one's tax return will be audited in a given year.

(Short Answer)

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Question 81

_____ would be considered a part of your taxable income.

(Multiple Choice)

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Question 82

If you do not wish to itemize deductions, the other deduction you can take is the:

(Multiple Choice)

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Question 83

A married couple filing a joint return has Ms. Cindy Cook, a certified public accountant (CPA), complete their return. The Internal Revenue Service (IRS) will hold only Ms. Cook responsible for any errors in the filed return.

(True/False)

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Question 84

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. Your marital status [ will | will not ] have an effect on the amount of Social Security tax you pay.

(Short Answer)

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Question 85

You made an error when you filed your tax return last year. You can correct this error by filing:

(Multiple Choice)

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Question 86

A declaration of estimated taxes is made on:

(Multiple Choice)

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Question 87

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. There is a [ high | low ] chance that one's tax return will be audited in a given year.

_____ would be considered a part of your taxable income.

If you do not wish to itemize deductions, the other deduction you can take is the:

A married couple filing a joint return has Ms. Cindy Cook, a certified public accountant (CPA), complete their return. The Internal Revenue Service (IRS) will hold only Ms. Cook responsible for any errors in the filed return.

You made an error when you filed your tax return last year. You can correct this error by filing:

A declaration of estimated taxes is made on:

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