Acc-553 Federal Taxation Midterm Exam ( Keller )

ACC-553 Federal Taxation Midterm Exam ( Keller )

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ACC-553 Federal Taxation Midterm Exam ( Keller )

MULTIPLE CHOICE QUESTIONS Chapter 1

To be guilty of tax evasion, you must:

a. Try to maximize profits.

b. Try to minimize your tax liability.

c. Arrange your affairs so as to keep your taxes as low as possible.

d. Refuse to disclose a tax liability based on a completed transaction.

. The major source of federal tax revenue is:

a. Corporate income tax

b. Individual income tax

c. Excise tax

d. Estate tax

. Since 1980, the group of taxpayers whose tax burden has increased the most is:

a. Individuals

b. Corporations

c. Trusts and estates

d. None of the above

The most popular form of doing business in the United States is:

a. Corporate form

b. Partnership form

c. Single proprietorship

d. S corporation

32. The IRS levies penalties for which of the following:

a. Bouncing checks

b. Fraud

c. Late filing

d. All of the above

MULTIPLE CHOICE QUESTIONS—CHAPTER 3

32. Mr. and Mrs. Twig are both under 65 years of age and have no dependents. Their only income for the year was his salary of $15,500. During the year they made only a nominal amount of disbursements of the type that qualify as itemized deductions. What is their standard deduction on a 2011 joint return?

a. $3,700

b. $11,600

c. $5,800

d. $8,500

e. None of the above

33. Jerry Jenkins is over 65 years of age and has no dependents. His only income was his salary of $10,500. During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2011?

a. $5,800

b. $3,700

c. $7,250

d. $3,290

e. None of the above

34. What is Jerome Jackson’s standard deduction for 2011 if he has $20,000 in wages and fi les married filing separately? He also claims one of the two children.

a. $5,800

b....