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    Adelphi University
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Category > Accounting Posted 17 Jan 2024 My Price 5.00

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.

 

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.

 

Question options:

True

False

Question 4 1 / 1 point

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

 

Question 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 / 1 point

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

 

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.

 

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.

 

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. 

 

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.

 

Question options:

True

False

Question 12 1 / 1 point

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

 

Question options:

 

Health Care Deductions

 

 

Itemized Deductions

 

 

Investment Related Deductions

 

 

Moving Expense Deduction

 

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

 

Question options:

 

20%

 

 

15%

 

 

25%

 

 

0%

Answers

SmartExpert
(118)
Status NEW Posted 17 Jan 2024 05:01 AM My Price 5.00

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Attachments

file 1705468180-BUS 377 Federal Taxation Quiz 1.docx preview (230 words )
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