BUS 377 Federal Taxation Quiz 1
Question 1 1 / 1 point
Taxpayers have the option to use Form 1040A when filing their 2018 tax return.
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Question options:
True
False
Question 3 1 / 1 point
Income earned from a hobby less than $400 does not have to be reported to the IRS.
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Question options:
True
False
Question 4 1 / 1 point
Which type of the interest earned is not taxable for federal purposes?
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Question options:
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Interest earned from a Certificate of Deposit
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Interest earned from a municipal bond
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Interest earned from a Treasury bond
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Interest earned from a savings account
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Question 5 1 / 1 point
Alimony payments are not recognized as income to the recipient in 2018.
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Question options:
True
False
Question 7 1 / 1 point
You are not responsible for a mistake on your tax return if you have a Certified Public Account prepare it.
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Question options:
True
False
Question 8 1 / 1 point
You can recognize gambling losses, up to amount of gambling winnings, if you itemize your deductions.
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Question options:
True
False
Question 9 1 / 1 point
There are 2 types of tax credits and they reduce the amount of tax you owe.Â
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Question options:
True
False
Question 10 1 / 1 point
You subtract tax deductions from your income before you figure the amount of tax you owe.
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Question options:
True
False
Question 12 1 / 1 point
Select the types of tax deductions that are available for Individuals.
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Question options:
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Health Care Deductions
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Itemized Deductions
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Investment Related Deductions
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Moving Expense Deduction
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Question 14 1 / 1 point
The Qualified Business Income deduction allows for many small businesses to reduce deduct up to what % of their qualified business income
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Question options:
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20%
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15%
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25%
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0%
Answers
Status NEW
Posted 17 Jan 2024 05:01 AM
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BUS----------- 37-----------7 F-----------ede-----------ral----------- Ta-----------xat-----------ion----------- Qu-----------iz -----------1-----------
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file 1705468180-BUS 377 Federal Taxation Quiz 1.docx preview (230 words )
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