Acc 307 Midterm Exam 100% Correct Answers

ACC 307 Midterm Exam 100% Correct Answers

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Question 1

A characteristic of FUTA is that:

• Question 2

Which of the following statements best describes the history of the Federal income tax?

• Question 3

Taxes not imposed by the Federal government include:

• Question 4

A VAT (value added tax):

• Question 5

Which of the following transactions will decrease a taxing jurisdiction’s ad valorem tax revenue imposed on real estate?

• Question 6

In 2013, Cindy had the following transactions:

Salary $90,000

Short-term capital gain from a stock investment 4,000

Moving expense to change jobs (11,000)

Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest) 20,000

State income taxes (5,000)

Cindy’s AGI is:

• Question 7

Millie, age 80, is supported during the current year as follows:

Percent of Support

Weston (a son) 20%

Faith (a daughter) 35%

Jake (a cousin) 25%

Brayden (unrelated close family friend) 20%

During the year, Millie lives in an assisted living facility. Under a multiple support agreement, indicate which parties can qualify to claim Millie as a dependent.

• Question 8

Which of the following is a deduction for AGI?

• Question 9

Emily, whose husband died in December 2012, maintains a household in which her dependent mother lives. Which (if any) of the following is her filing status for the tax year 2013? (Note: Emily is the executor of her husband’s estate.)

• Question 10

Which of the following items is deductible?

• Question 11

Our tax laws encourage taxpayers to ____ assets that have appreciated in value and ____ assets that have declined in value.

• Question 12

Harry and Wanda were married in...