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- Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyList three major purposes the tax system is meant to serve: a.__________________________________________________________ b. __________________________________________________________ c.__________________________________________________________
- Question 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.14. As distinguished from deductions, tax credit is a. A deduction from gross sales/receipts b. A deduction from gross income c. A deduction on tax due d. A deduction from other incomeFor business deductions, which of the following is true (mark all that apply): A. An expense is not deductible under Federal law unless Congress creates a specific provision allowing it. B. None of these are true. OC. An expense has been held to be ordinary if it is normal, usual, or customary in the type of business conducted by the taxpayer, and an expense need not be recurring to be considered ordinary. D. An expense has been held to be necessary if a prudent businessperson would incur the same expense and the expense is expected to be appropriate and helpful in the taxpayer's business. OE. The courts have held that for any expense to be ordinary and necessary, it must also be reasonable in amount. If an expense is unreasonable, it is not deductible.
- 16. Which of the following is NOT correct? a.Tax credits may be refundable or non-refundable. b. Income from capital related transactions is an example of an exempt income for income tax purposes. c.Tax credits are tax previously paid, or an amount used to reduce tax liability if certain conditions are met. d.Tax Relief is income that is not subject to tax.Read Section 1374 for built-in-gain tax 1. When does the tax apply?Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False
- 1. What is Excise Tax and give examples?QUESTION 4 Which of the following allow a tax filer to legally reduce the amount of tax owed? Select all that apply. O A. The standard deduction. B. Tax returns. C. Tax evasion. D. Tax exemption. E. FICA taxes paid. F. Tax credits. G. Itemized deductions. QUESTION 5 Which of the following best describes taxable income? O A. The sum of your adjusted gross income and earned income tax credit. B. The sum of your wage income, unemployment benefits, and interest. C. The amount of income on which taxes were withheld by your employer. D. The amount of income you have after subtracting allowable deductions and exemptions.Question 7: Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. Answer: А. True В. False