Exam 3: Preparing Your Taxes

George has the following expenses that he wants to include as itemized deductions for the year.His adjusted gross income is $60,000.What is the total itemized deduction he can take?

(Essay)

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Question 81

Tax practitioners that are federally licensed are called:

(Multiple Choice)

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Question 82

One's home must typically be owned at least three years to receive the most favorable capital gains treatment.

(True/False)

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Question 83

The AMT includes in taxable income certain types of deductions otherwise allowed,such as state and local income and property taxes.

(True/False)

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Question 84

By filing a tax extension,one does not have to pay his income tax liability until August 15.

(True/False)

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Question 85

The income shifting tax strategy is least effective when income producing gifts are given to persons:

(Multiple Choice)

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Question 86

Itemized non-business expenses do not include:

(Multiple Choice)

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Question 87

The total amount that you owe for income tax in one year is your tax:

(Multiple Choice)

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Question 88

There is no limit on the amount of Social Security component of FICA withheld annually.

(True/False)

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Question 89

Which of the following can be adjustment(s)to gross income on the 1040 form?

(Multiple Choice)

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Question 90

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. -You will have to list and be able to prove [standard | itemized] deductions if audited.

(Short Answer)

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Question 91

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 income tax filing status is determined primarily by your [income | marital] status.

(Short Answer)

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Question 92

You have up to three years after filing your tax return to file an amended tax return (1040X).

(True/False)

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Question 93

One's marginal tax rate is typically lower than one's average tax rate.

(True/False)

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Question 94

An investment must be owned over 12 months in order to qualify for 0 percent tax on capital gains.

(True/False)

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Question 95

Adjustments to gross income will decrease your taxable income.

(True/False)

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Question 96

Tax credits are dollar-for-dollar reductions in taxable income.

(True/False)

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Question 97

If you are eligible to receive a tax refund,you will have to file a tax return to get the refund.

(True/False)

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Question 98

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. -Interest you paid on your [vacation home | consumer] loan could be deducted.

(Short Answer)

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Question 99

You are more likely to have your tax return audited if you work for a for-profit company,compared to a non-profit organization.

(True/False)

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Question 100

Showing 81 - 100 of 191

George has the following expenses that he wants to include as itemized deductions for the year.His adjusted gross income is $60,000.What is the total itemized deduction he can take?

Tax practitioners that are federally licensed are called:

One's home must typically be owned at least three years to receive the most favorable capital gains treatment.

The AMT includes in taxable income certain types of deductions otherwise allowed,such as state and local income and property taxes.

By filing a tax extension,one does not have to pay his income tax liability until August 15.

The income shifting tax strategy is least effective when income producing gifts are given to persons:

Itemized non-business expenses do not include:

The total amount that you owe for income tax in one year is your tax:

There is no limit on the amount of Social Security component of FICA withheld annually.

Which of the following can be adjustment(s)to gross income on the 1040 form?

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. -You will have to list and be able to prove [standard | itemized] deductions if audited.

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 income tax filing status is determined primarily by your [income | marital] status.

You have up to three years after filing your tax return to file an amended tax return (1040X).

One's marginal tax rate is typically lower than one's average tax rate.

An investment must be owned over 12 months in order to qualify for 0 percent tax on capital gains.

Adjustments to gross income will decrease your taxable income.

Tax credits are dollar-for-dollar reductions in taxable income.

If you are eligible to receive a tax refund,you will have to file a tax return to get the refund.

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. -Interest you paid on your [vacation home | consumer] loan could be deducted.

You are more likely to have your tax return audited if you work for a for-profit company,compared to a non-profit organization.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

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