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Category > Accounting Posted 28 Aug 2023 My Price 10.00

BUS 377CBE1-Federal Taxation Quiz

Question 1 (1 point)

 

Taxpayers have the option to use Form 1040A when filing their 2018 tax return.

Question 1 options:

 

True
 

False

Question 2 (1 point)

 

Select the types of income that is reported on Line 1 of the Form 1040

Question 2 options:

 

New choice
 

Wages earned from job
 

Wages earned from cleaning personal homes (less than $2,100 earned during the year)
 

Tip income  not reported to employer 

Question 3 (1 point)

 

Income earned from a hobby less than $400 does not have to be reported to the IRS.

Question 3 options:

 

True
 

False

Question 4 (1 point)

 

Which type of the interest earned is not taxable for federal purposes?

Question 4 options:

 

Interest earned from a Certificate of Deposit
 

Interest earned from a municipal bond
 

Interest earned from a Treasury bond
 

Interest earned from a savings account

Question 5 (1 point)

 

Alimony payments are not recognized as income to the recipient in 2018.

Question 5 options:

 

True
 

False

Question 6 (1 point)

 

Which type of income is not included in taxable income?

Question 6 options:

 

New choice
 

Workers Compensation benefits
 

Unemployment benefits
 

Bonus from work

Question 7 (1 point)

 

You are not responsible for a mistake on your tax return if you have a Certified Public Account prepare it.

Question 7 options:

 

True
 

False

Question 8 (1 point)

 

You can recognize gambling losses, up to amount of gambling winnings, if you itemize your deductions.

Question 8 options:

 

True
 

False

Question 9 (1 point)

 

There are 2 types of tax credits and they reduce the amount of tax you owe. 

Question 9 options:

 

True
 

False

Question 10 (1 point)

 

You subtract tax deductions from your income before you figure the amount of tax you owe.

Question 10 options:

 

True
 

False

Question 11 (1 point)

 

Select the types of tax credits that are available for individuals.

Question 11 options:

 

Family & Dependent Credits
 

Homeowner Credits
 

Education Credits
 

Marriage Credits

Question 12 (1 point)

 

Select the types of tax deductions that are available for Individuals.

Question 12 options:

 

Health Care Deductions
 

Itemized Deductions
 

Investment Related Deductions
 

Moving Expense Deduction

Question 13 (1 point)

 

The Tax Reformation eliminated the 50% meals & entertainment deduction for businesses. 

Question 13 options:

 

True
 

False

Question 14 (1 point)

 

The Qualified Business Income deduction allows for many small businesses to reduce deduct up to what % of their qualified business income

Question 14 options:

 

20%
 

15%
 

25%
 

0%

Answers

SmartExpert
(118)
Status NEW Posted 28 Aug 2023 04:08 PM My Price 10.00

BUS----------- 37-----------7CB-----------E1------------Fed-----------era-----------l T-----------axa-----------tio-----------n Q-----------uiz-----------

Attachments

file 1693240545-BUS 377CBE1-Federal Taxation Quiz.docx preview (532 words )
Q-----------ues-----------tio-----------n 1----------- (-----------1 p-----------oin-----------t) -----------  ----------- T-----------axp-----------aye-----------rs -----------hav-----------e t-----------he -----------opt-----------ion----------- to----------- us-----------e F-----------orm----------- 10-----------40A----------- wh-----------en -----------fil-----------ing----------- th-----------eir----------- 20-----------18 -----------tax----------- re-----------tur-----------n. ----------- Qu-----------est-----------ion----------- 1 -----------opt-----------ion-----------s: ----------- Tr-----------ue ----------- Fa-----------lse----------- Q-----------ues-----------tio-----------n 2----------- (-----------1 p-----------oin-----------t) -----------  ----------- S-----------ele-----------ct -----------the----------- ty-----------pes----------- of----------- in-----------com-----------e t-----------hat----------- is----------- re-----------por-----------ted----------- on----------- Li-----------ne -----------1 o-----------f t-----------he -----------For-----------m 1-----------040----------- Q-----------ues-----------tio-----------n 2----------- op-----------tio-----------ns:----------- N-----------ew -----------cho-----------ice----------- W-----------age-----------s e-----------arn-----------ed -----------fro-----------m j-----------ob ----------- Wa-----------ges----------- ea-----------rne-----------d f-----------rom----------- cl-----------ean-----------ing----------- pe-----------rso-----------nal----------- ho-----------mes----------- (l-----------ess----------- th-----------an -----------$2,-----------100----------- ea-----------rne-----------d d-----------uri-----------ng -----------the----------- ye-----------ar)----------- T-----------ip -----------inc-----------ome-----------  -----------not----------- re-----------por-----------ted----------- to----------- em-----------plo-----------yer-----------  ----------- Qu-----------est-----------ion-----------
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